Can closing stock of current year be present in tht Trial
Balance of said year...????
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Answer / anubhavbansal2002
Yes, the current year's closing stock can be presented in
the current years trial balance only in either of th
following two cases:-
1. When the cost of sales is given in the trial balance.
2. When GP of the year is given in the trial balance.
But, The opening stock and closing stock of the current
year can never be presented in the trial balance at the
same time. If, these both stocks are reflected in the trial
balance at the same time the trial balance is wrongly
prepared.
| Is This Answer Correct ? | 36 Yes | 14 No |
Answer / suyog
firstly understand why it is not in trial balance
1.we haven't open closing stock account in our books of
accounts. so, it will not reflect in trial balance.
2.the effect of clo. st. and gross profit remains in trial
balance because of opening stock + purchases-sales
3.but to know true profitability of business closing stock
is taken from stock ledger i. we can take closing stock in
TB if adjust it with purchases
| Is This Answer Correct ? | 22 Yes | 1 No |
Answer / murali royal
Closing stock always appears in Adjustments of trial balance.
Closing stock will not appear in trial balance sheet. Bez it
is not a ledger a/c balance.
The adjustment items shall have two hold effect. In the same
manner closing stock has impact on
1. Trading account Cr side
2. Balance sheet Asset side under current asset
| Is This Answer Correct ? | 10 Yes | 4 No |
Answer / rajesh
it is an adj entry the adj entry comes two times closing
stock is an adj entry it comes in trading a/c and
balancesheet. what ever items comes in trial balnce we have
to one time either in trading and profit and loss a/c or
balance sheet item
| Is This Answer Correct ? | 12 Yes | 9 No |
WHEN IN ADJUST. GIVEN THAT THERE IS VALUE OF RS...., OBSOLESCENCE STOCK INCLUDED IN CLOSING STOCK RS.......,WHAT IS THE PROPER WAY TO SHOW IN INCOME STATEMENT AND POSITION STATEMENT.
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