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Is closing stock will recorded in Trail balance?
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Answer / sunitha c
Closing stock will not be recorded in Trail balance it will
be shown as adjustment
| Is This Answer Correct ? | 32 Yes | 6 No |
Answer / venkat
Trail Balance adjustements are two ways---
1.if in case it shows on adustments then it is shown on
trading a/c credit side and balance sheet assets side.
2.if incase no information is available in adjestments the
it is directly shown on Balance sheet assets.
Their is no information about closing stock then
opening stock is treted as closing stock.
venkat
9603282777
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / rahul verma
treatment of closing stock.
1. closing stock are shown as foot note in trail balance.
2.if we want to show it in trial balance we have to show
adjusted purchase in trial balance i.e.
o.stock+ purchase-closing stock.
after that we can not show opening stock in trial balance
but we show closing stock in trial balance.
but we not show closing stock in trading a/c.
rahul verma
9414499629
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / rajesh kashyap
Closing Stock will be shown in Proit and Loss a/c and
Assets side of balance sheet and also will be shown in
Trail Banlance when it is an Adujustment Entry
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / mehtab ahmad
yes closing stock is recorded in trial balance because it
will be posted in balance sheet
| Is This Answer Correct ? | 3 Yes | 4 No |
Answer / rajesh kumar
yes closing stock will recorded in trial balance.in Trial balance closing stock shown in credit side and opening stock shown in debt side it means we know about what is my direct exp. and make profit and loss account.so it is nesseary to recoded in trial balance in callander year.
| Is This Answer Correct ? | 2 Yes | 4 No |
If Closing Stock will given in Trial Balance. That means
Nex year is No Business that firm.
[If Closing Stock is given the Adjustement next
year is run the business. These closing stock will charged
to Trading A/c. Credit side and Balance Sheet Asset side.]
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / kavita kotian
Closing stock will not recorded in trail balance. It is
recorded in P & L a/c
| Is This Answer Correct ? | 6 Yes | 19 No |
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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
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