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What is the difference betwn "Inventory" and "Stock".
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Answer Posted / ambrish
difference between inventory & stock is that inventory can be defined as tangible property held for sale in the ordinary course of business,or in the process of production for such sale, or for consumption in the production of goods or services for sale whereas stock means the quantity of physical goods which are not held for sale.
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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