Whats the Balnace of Closing stock so if we issued the
materil then the Closing stick will be dr and in case we
pirchsed the materil the closing stock will be cr
so tell me that i m correct or not
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Answer / amit guleria
Dear Sajjad.I think the point that is confusing you is that
you are clubbing 2 different system of Book Keeping to
record an inventory transaction.In General accounting we do
not book any specific entry to record the closing stock,it
is adjusting automatically(Op.Stock+Purchse-COGS=Closing
Stock).
And at the time of Purchase the Only entry is:Basic Entry
Purchsre A\c Dr.
To Cash\Bank\Party Cr.
But at the time of Sale you can not deduct your inventories
with the sales amount ,as it includes the profit element as
well.
But as per Cost Ledgers we do specific accounting For
Materials.And there your Entries are correct as the do not
consider the profit element.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vaishali
if we issued the materil then the Closing stick will be cr
and in case we
pirchsed the materil the closing stock will be dr
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / sajjad1
Dear Vaishali i m going right beacause the balance of
closing stock is cr
when we made purchase then passind this entry
purchase (Material/item) (Dr)
Closing Stock (Cr)
Issued Material the it is
Closing stock (Dr)
Material/item (Cr)
here Closing Stock will automaticaly adjusted closing stock
is our Revenue so due to this its balabce is cr anything
else my id is bbuterfly143@yahoo.com so we can easily
Discused abput this Thanks Take Care
| Is This Answer Correct ? | 1 Yes | 2 No |
Ms. Vaishali is Correct.
Purchase (Item/Stock) Dr.
Party Cr.
Ultimate closing stock/stock account will be debited when we
are making purchase/adding it. Debit what comes in.
| Is This Answer Correct ? | 0 Yes | 1 No |
hi friend iam looking for a Accounting job can any body help me for the interview questions. can any body send me the Accounts intervoew questions please this is my email:-subhashnaidu1984@gmail.com
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