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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
Calculation of closing Stock give example?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Closing Stock= Opening stock+Purchase-sales 
Is This Answer Correct ?    161 Yes 55 No
Pallavi Tupe
 
Answer
# 2
Unit Rate of Material X - $15/- or Rs. 750/-
Stock as on the last day of a financial year or month - 1000
Nos.
Value of closing stock is $15000/- or Rs.750000/-
 
Is This Answer Correct ?    86 Yes 28 No
H.r. Sreepada Bhagi
 
 
 
Answer
# 3
opening stock+ purchases-purchase return -sale +sale return = closing stock
or
add all the debit side of trading account and less all the items of credit side of trading account then u get closing stock
 
Is This Answer Correct ?    52 Yes 25 No
Jyoti
 
Answer
# 4
For Trading Com.:
Closing Stock=Opening Stock+Net Purchases+Direct
Expences+Gross profit(" "%on Net Sales)-Net Sales-Direct
Incomes.

Calculating Gross profit :
for Example Tyres trading co.we can take average 5% on net
sales.
 
Is This Answer Correct ?    30 Yes 7 No
Prasad
 
Answer
# 5
Formula for closing stock :

For a Trading Company-
Opening Stock + Purchases - Cost of Goods Sold.

For a Manufacturing Company-
Opening Stock + Purchases-Cost of Goods issued for
production + Cost of Work In Process + Cost of Goods
Produced - Cost of Goods Sold.

What's mentioned by me above is only an example.

For Finalisation of Accounts Inventory should be valued at
Cost or Net realisable value, whichever is lower. For proper
valuation, each unit of stock should be multiplied by cost
or current market price whichever is lower. In case of
trading company, since what's purchased is sold in the same
form, stock valuation is not difficult. However in case of a
manufacturing company input materials can be valued at
landed cost, but Semi-Finished Goods of Work-in-Process and
Finished Products should be valued by adding reasonable
overhead attributable to the production of those products.
Accounting guidelines, provisions in Income tax Act & other
applicable laws as well as the company policy should be kept
in mind while taking the value of Stock in Final Accounts.
 
Is This Answer Correct ?    30 Yes 14 No
H.r. Sreepada Bhagi
 
Answer
# 6
opening stock +purchase-sales=closing stock 
Is This Answer Correct ?    25 Yes 12 No
Kannan
 
Answer
# 7
Closing stock was valued on 31.3 2006 at market price Rs
60000 which was 20 above its cost price?
 
Is This Answer Correct ?    27 Yes 17 No
Alpesh
 
Answer
# 8
closing stock = opening stock+purchases + direct expenses-
sales or
sales- cogs(cost of goods sold)
 
Is This Answer Correct ?    30 Yes 20 No
Naresh
 
Answer
# 9
opening stock + purchases - sales = closing stock 
Is This Answer Correct ?    21 Yes 12 No
Aamir Naveed
 
Answer
# 10
opening stock +purchase-sales=closing stock 
Is This Answer Correct ?    5 Yes 4 No
Anmol Sharma
 

 
 
 
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