Can closing stock of current year be present in tht Trial
Balance of said year...????




Answers were Sorted based on User's Feedback



Can closing stock of current year be present in tht Trial Balance of said year...????..

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

Can closing stock of current year be present in tht Trial Balance of said year...????..

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

Can closing stock of current year be present in tht Trial Balance of said year...????..

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




Can closing stock of current year be present in tht Trial Balance of said year...????..

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

Can closing stock of current year be present in tht Trial Balance of said year...????..

Answer / sujesh

1999

Is This Answer Correct ?    1 Yes 9 No

Post New Answer



More Accounting AllOther Interview Questions

general rule for personal account

1 Answers   HP, ACS,


EXPAND______________PIN

7 Answers  


what is the entry passed for sales return (sales is on credit basis)?

8 Answers  


What is the differnce between funds flow & Cash flow?

7 Answers   Genpact,


what is CCA is a part of salary?

2 Answers   HCL,






Expand----ICRC

2 Answers  


what is amortization?

2 Answers   FT,


If i pay 50% advance to advertise agency towards advertisement expensise, should I deduct TDS on advance payemnt.

5 Answers  


Who maintains BRS (Bank Reconciliation Statement) ?

16 Answers   Google, Shriram, Telstar, BRS,


Expand C B S

2 Answers  


expand--------DRS

2 Answers  


Provision of Bad Debts is made in compliance with the convention of -----------

0 Answers  






Categories