:: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Categories >> Accounting >> Accounting General


 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1897)
 Accounting General interview questions  Accounting General Interview Questions (2805)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4359)
Calculation of closing Stock give example?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1
Closing Stock= Opening stock+Purchase-sales 
Is This Answer Correct ?    143 Yes 49 No
Pallavi Tupe
# 2
Unit Rate of Material X - $15/- or Rs. 750/-
Stock as on the last day of a financial year or month - 1000
Value of closing stock is $15000/- or Rs.750000/-
Is This Answer Correct ?    82 Yes 27 No
H.r. Sreepada Bhagi
# 3
opening stock+ purchases-purchase return -sale +sale return = closing stock
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 ?    50 Yes 23 No
# 4
For Trading Com.:
Closing Stock=Opening Stock+Net Purchases+Direct
Expences+Gross profit(" "%on Net Sales)-Net Sales-Direct

Calculating Gross profit :
for Example Tyres trading co.we can take average 5% on net
Is This Answer Correct ?    27 Yes 6 No
# 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 ?    28 Yes 13 No
H.r. Sreepada Bhagi
# 6
opening stock +purchase-sales=closing stock 
Is This Answer Correct ?    23 Yes 11 No
# 7
closing stock = opening stock+purchases + direct expenses-
sales or
sales- cogs(cost of goods sold)
Is This Answer Correct ?    28 Yes 19 No
# 8
opening stock + purchases - sales = closing stock 
Is This Answer Correct ?    19 Yes 10 No
Aamir Naveed
# 9
Closing stock was valued on 31.3 2006 at market price Rs
60000 which was 20 above its cost price?
Is This Answer Correct ?    24 Yes 17 No
# 10
opening stock +purchase-sales=closing stock 
Is This Answer Correct ?    3 Yes 3 No
Anmol Sharma

Other Accounting General Interview Questions
  Question Asked @ Answers
i dont know to calculate sales tax. how to calculate sale tax and what are basic procedure to calculation sale tax. i want basic procedure. any to know calculation of sales tax please send my mail. my id:   1
What is bills in accounts.   4
what wll i do to remove my fairs facing for interviewee?   1
Calculate the P/V Ratio and BEP from the following particulars. Sales 5,00,000 Fixed Cost 1,00,000 Profit 1,50,000   3
What is the rate of claiming Input service tax i.e 20% or 100% o   4
What is LC?   5
what is Assets & Liabilities ? EDS 4
what do you mean by margin of safety Capital-IQ 4
what is debit and credit in accounting   3
What is the difference between an Invoice and a Proforma Invoice?   1
What do mean by GL Reporting ?   1
what is insurance? And Type of insurance?   3
For more Accounting General Interview Questions Click Here 

Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
Copyright 2013  All Rights Reserved.   ::