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if closing stock appears in the trial balance what is the
sollution
- 7 Answers
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Answer / basavaraju
it directly take to balance sheet and not deducted in
trading account.
| Is This Answer Correct ? | 15 Yes | 3 No |
Answer / vikash pandey
It is directly taken to the balancesheet because it have
been adjusted with the purchase.
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / h.r. sreepada bhagi
This can happen in an ERP Accounting system. In that case
you need not make any adjustments for calculating "Cost of
Materials Consumed" (COMC)(In case of a Manufacturing
Company) or "Cost of Goods Sold" (COGS)(In case of a Trading
Company). Assuming that the Trial Balance Closing figure is
correct, it shall appear as it is under "Current Assets" in
the 'Balance Sheet
Instead of Purchases, COMC or COGS will be taken directly in
the Profit and Loss Account.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / sarika
if closing stock appears only in the trail balance then v
hv to post them in the assets side of the b\s.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / chandu
yes sir, if closing stock appears in the trail balance, the
closing stock shown in the balance sheet at assets side
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / dr. khalid a chishty
it will not be shown on the credit side of trading account.
it will be shown on the assets side of the balance sheet
only
| Is This Answer Correct ? | 3 Yes | 1 No |
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