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WHY NOT SHOWING CLOSING STOCK IN TRAIL BALANCE
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Answer / mittaldn@allinterview.com
CLOSING STOCK NOT SHOWING IN TRIAL BALANCE BECOUSE
1.OPENING BALANCE SHOWING IN TRAIL BALANCE AS PER ACTUAL
INVENTORY.
2. WE ARE PURCHASE VALUE BOOK IN ACCOUNTS OF BOOKS 100% AT
THE TIME OF BIIL PASSING.
SPOSE WE ARE PURCHASING 100 NOS.OF GEARS @ 20/= BILL VALUE
OF RS.2000/= ( PURCHASE A/C DR TO PARTY )
WE ARE USING FOR PORDUCTION IN THIS 60 NOS OF GEARS UP TO
END OF THE YEAR.
40 NOS OF GEARS COST ALLREADY BOOK IN THE PURCHASE VALUE SO
CLOSING STOCK NOT SHOWING IN THE TRAIL BALANCE
OPENING STOCK+CLOSING STOCK-CONSUPTIONS= CLOSING STOCK (
ACTULE INVENTORY VALUE SHOWING IN THE BALANCE SHEET
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / murli vohra
Closing stock is not shown in Trial Balance because
It is an Asset and it is already Debited as purchases.
However we can show it in Trial Balance by passing the following Entry
Closing stock A/c-Dr
To Purchase A/c
When we pass this entry in that case there is no need to show it in Trading A/c
| Is This Answer Correct ? | 5 Yes | 1 No |
A trial balance is a list of all the ledger (general ledger)
accounts contained in the ledger of a business and there is
no ledger heading "stock", so..... (logical)
Closing stock is not a balancing figure of any ledger. Its
valued according to the company policy or the thumb rule (mkt
rate/ bought rate whichever is less), so.... (technical)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / prasob.c.k
physically we want to verify the stock and should apply
market price or cost price which ever is less.
This is the method for determining the closing stock.
| Is This Answer Correct ? | 1 Yes | 5 No |
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