Closing stock not considered in Trial Balance,why?
Answers were Sorted based on User's Feedback
Answer / krushna chandra parida
closing stock is not treated only P/L or B/S .It should have double effect .In P/L account we have to take it in credit side and in B/S it will treated as Asset.
Is This Answer Correct ? | 16 Yes | 2 No |
Answer / shashank bhaskat
Because items of trail balance is recorded at once, and
adjustments are recorded twice and closing stock is an
adjustments therefore closing stock is not shown in trail
balance......
Is This Answer Correct ? | 8 Yes | 0 No |
Answer / khalander
because closing stock have no ledger balance and it is an
Event for the tax purpus it should not be disclose on the
trail balance(event means it occure with in the
oraganization eg: depriciation, reservs)
Is This Answer Correct ? | 1 Yes | 1 No |
In which term & condition excise invoice raises & for what excise invoice raise?
Contra asset accounts have credit balance and are an offset to a related asset account ? true or false .
what is mean by account
What is a Post-Through Date in Payment Batches
Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) Profits. (b) Reserves. (c) Accumulated Profits. (d) Goodwill.
What is the difference in accounting and marketing?
what is mutual funds?
Where do generally accruals appear on the balance sheet?
Meaning of tax invoice
Do you know company's payable cycle?
x pay incentive to y with tds@10%.what is the journal entry in the books of x & y?
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.