Interested to Buy Any Domain ? << Click Here >> for more details...
Calculation of closing Stock give example?
- 25 Answers
- 228769 Views
- ABC, Accounting, Crossdomain, EDS, FAIM, Set Trade, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / pallavi tupe
Closing Stock= Opening stock+Purchase-sales
| Is This Answer Correct ? | 682 Yes | 308 No |
Answer / h.r. sreepada bhagi
Unit Rate of Material X - $15/- or Rs. 750/-
Stock as on the last day of a financial year or month - 1000
Nos.
Value of closing stock is $15000/- or Rs.750000/-
| Is This Answer Correct ? | 232 Yes | 76 No |
Answer / prasad
For Trading Com.:
Closing Stock=Opening Stock+Net Purchases+Direct
Expences+Gross profit(" "%on Net Sales)-Net Sales-Direct
Incomes.
Calculating Gross profit :
for Example Tyres trading co.we can take average 5% on net
sales.
| Is This Answer Correct ? | 166 Yes | 53 No |
Answer / h.r. sreepada bhagi
Formula for closing stock :
For a Trading Company-
Opening Stock + Purchases - Cost of Goods Sold.
For a Manufacturing Company-
Opening Stock + Purchases-Cost of Goods issued for
production + Cost of Work In Process + Cost of Goods
Produced - Cost of Goods Sold.
What's mentioned by me above is only an example.
For Finalisation of Accounts Inventory should be valued at
Cost or Net realisable value, whichever is lower. For proper
valuation, each unit of stock should be multiplied by cost
or current market price whichever is lower. In case of
trading company, since what's purchased is sold in the same
form, stock valuation is not difficult. However in case of a
manufacturing company input materials can be valued at
landed cost, but Semi-Finished Goods of Work-in-Process and
Finished Products should be valued by adding reasonable
overhead attributable to the production of those products.
Accounting guidelines, provisions in Income tax Act & other
applicable laws as well as the company policy should be kept
in mind while taking the value of Stock in Final Accounts.
| Is This Answer Correct ? | 92 Yes | 29 No |
Answer / jyoti
opening stock+ purchases-purchase return -sale +sale return = closing stock
or
add all the debit side of trading account and less all the items of credit side of trading account then u get closing stock
| Is This Answer Correct ? | 130 Yes | 75 No |
Answer / aamir naveed
opening stock + purchases - sales = closing stock
| Is This Answer Correct ? | 119 Yes | 67 No |
Answer / naresh
closing stock = opening stock+purchases + direct expenses-
sales or
sales- cogs(cost of goods sold)
| Is This Answer Correct ? | 85 Yes | 44 No |
Answer / alpesh
Closing stock was valued on 31.3 2006 at market price Rs
60000 which was 20 above its cost price?
| Is This Answer Correct ? | 52 Yes | 27 No |
Answer / mani
What about tax???
I have opening stock of 72 lacs (average costing without
tax) and purchase of 49 lacs (with tax) and i did sales of
101 lacs (without tax). What is my closing stock then????
Should i add tax in closing stock?
Where all should tax be included and where all should tax
NOT be included?
Right now i calculated => 72+49-101 = 20 lacs. IS this correct?
| Is This Answer Correct ? | 41 Yes | 19 No |
capital is a assets but its shows in liability side. why?
How to adjust bank charges in bank od a/c?
Dear sir, In tally what is list of cost centres? and what is the list of cost categories?
Define offset accounting?
what do you mean by bank reconocilition statement
how to make budgeting ?
Example of deferred liability and asset?
discuss depreciation and types of depreciation
what are the limitations of accounting ratios?
I have recieved a payment from hmrc on Friday morning and by the afternoon it was removed from my bank account by contra entry what does this mean? Will I recieve the money?
Please help me in this entries Pass accounting entries for the following transaction in the books of XYZ company. A rendered professional service to company XYZ and sent an invoice dated 01/01/2016 for Rs 1,00,000/- + service tax Q1. Pass journal entry for the invoice received considering the service tax and TDS. Q2. Payment was made on 01/02/2016 by cheque. Pass payment entry.
What is difference between financial lease & operating lease (IAS 17)? Also pass the journal entry treatment for both the leases.
Audit 
