Interested to Buy Any Domain ? << Click Here >> for more details...
WHY NOT SHOWING CLOSING STOCK IN TRAIL BALANCE
- 4 Answers
- 9266 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mittaldn@allinterview.com
CLOSING STOCK NOT SHOWING IN TRIAL BALANCE BECOUSE
1.OPENING BALANCE SHOWING IN TRAIL BALANCE AS PER ACTUAL
INVENTORY.
2. WE ARE PURCHASE VALUE BOOK IN ACCOUNTS OF BOOKS 100% AT
THE TIME OF BIIL PASSING.
SPOSE WE ARE PURCHASING 100 NOS.OF GEARS @ 20/= BILL VALUE
OF RS.2000/= ( PURCHASE A/C DR TO PARTY )
WE ARE USING FOR PORDUCTION IN THIS 60 NOS OF GEARS UP TO
END OF THE YEAR.
40 NOS OF GEARS COST ALLREADY BOOK IN THE PURCHASE VALUE SO
CLOSING STOCK NOT SHOWING IN THE TRAIL BALANCE
OPENING STOCK+CLOSING STOCK-CONSUPTIONS= CLOSING STOCK (
ACTULE INVENTORY VALUE SHOWING IN THE BALANCE SHEET
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / murli vohra
Closing stock is not shown in Trial Balance because
It is an Asset and it is already Debited as purchases.
However we can show it in Trial Balance by passing the following Entry
Closing stock A/c-Dr
To Purchase A/c
When we pass this entry in that case there is no need to show it in Trading A/c
| Is This Answer Correct ? | 5 Yes | 1 No |
A trial balance is a list of all the ledger (general ledger)
accounts contained in the ledger of a business and there is
no ledger heading "stock", so..... (logical)
Closing stock is not a balancing figure of any ledger. Its
valued according to the company policy or the thumb rule (mkt
rate/ bought rate whichever is less), so.... (technical)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / prasob.c.k
physically we want to verify the stock and should apply
market price or cost price which ever is less.
This is the method for determining the closing stock.
| Is This Answer Correct ? | 1 Yes | 5 No |
What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?
our company given party to employees. this expenditure which account head booked ? please tell me
what are the types of leverage ratios?
What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com
SHADOW BALANCE SHEET
What are three sectors of Economy?
share premium
3 Answers Capital IQ, Fidelity,
How to face the interview of account in mnc & other plz me adivce
2 Answers Accounting, FactSet Systems, HCL,
Capital secure should be shown in which side of the balance sheet?
(a) What is special Audit under section 14AA of CEA? (cenvat credit Audit) (b) Who can conduct such audit? (c) Who can order such audit? (d) What is the time limit for submission of report
Under what type of account do the unearned revenues fall?
What are the different accounting entries generated in PP cycle.
Audit 
