Calculation of closing Stock give example?
- 25 Answers
- 223277 Views
- ABC, Accounting, Crossdomain, EDS, FAIM, Set Trade, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / pallavi tupe
Closing Stock= Opening stock+Purchase-sales
| Is This Answer Correct ? | 682 Yes | 308 No |
Answer / h.r. sreepada bhagi
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 ? | 232 Yes | 76 No |
Answer / prasad
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 ? | 166 Yes | 53 No |
Answer / h.r. sreepada bhagi
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 ? | 92 Yes | 29 No |
Answer / jyoti
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 ? | 130 Yes | 75 No |
Answer / aamir naveed
opening stock + purchases - sales = closing stock
| Is This Answer Correct ? | 119 Yes | 67 No |
Answer / naresh
closing stock = opening stock+purchases + direct expenses-
sales or
sales- cogs(cost of goods sold)
| Is This Answer Correct ? | 85 Yes | 44 No |
Answer / alpesh
Closing stock was valued on 31.3 2006 at market price Rs
60000 which was 20 above its cost price?
| Is This Answer Correct ? | 52 Yes | 27 No |
Answer / mani
What about tax???
I have opening stock of 72 lacs (average costing without
tax) and purchase of 49 lacs (with tax) and i did sales of
101 lacs (without tax). What is my closing stock then????
Should i add tax in closing stock?
Where all should tax be included and where all should tax
NOT be included?
Right now i calculated => 72+49-101 = 20 lacs. IS this correct?
| Is This Answer Correct ? | 41 Yes | 19 No |
define contra entry?
Journal entry for Salary paid 100000/- in which (1)pf (2)esi (3) professional tax included
how to calculate working capital?
formula of reduction in tax credit of vat form 201(gujarat)
Company Providing Mobile handset to all employee on free of cost and returnable basis while leaving the job. My query is- how i account the above transaction - under fixed asset or mobile expenses- ( indirect exp) or staff welfare ( indirect exp ) Kindly suggest
why the closing stock arises in the trading account of final accounts
What are the accounting events that are frequently involved in compound entries?
What do you mean by Debit and Credit?
Please explain about wages control account?
cash with drawn from bank with issuing self check vide ch no.123456 how to enter in sap. please send answer anyone this is very helpful to me
How to treat interstate exempted purchases? And its necessary to issue c form?
What is an interlocking accounting system?
Audit 
