Interested to Buy Any Domain ? << Click Here >> for more details...
Whats the Balnace of Closing stock so if we issued the
materil then the Closing stick will be dr and in case we
pirchsed the materil the closing stock will be cr
so tell me that i m correct or not
- 5 Answers
- 6877 Views
- ITC Infotech, I also Faced
- E-Mail Answers
Answer Posted / amit guleria
Dear Sajjad.I think the point that is confusing you is that
you are clubbing 2 different system of Book Keeping to
record an inventory transaction.In General accounting we do
not book any specific entry to record the closing stock,it
is adjusting automatically(Op.Stock+Purchse-COGS=Closing
Stock).
And at the time of Purchase the Only entry is:Basic Entry
Purchsre A\c Dr.
To Cash\Bank\Party Cr.
But at the time of Sale you can not deduct your inventories
with the sales amount ,as it includes the profit element as
well.
But as per Cost Ledgers we do specific accounting For
Materials.And there your Entries are correct as the do not
consider the profit element.
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
we are in contraction business, we purchase raw material and paid tax on related material, suppose we want to bill to our party in WCT?
What is accounts payable?
Ram retired from partnership. The partners with mutual consent agreed to put the capital balance as on the date of retirement as loan to the firm @ 18% pa. The credit balance to his capital account was Rs 325000/- Pass necessary entry
Explain why the assets of a partnership are usually revalued before the admission of a new partner or the retirement of an existing partner
How i pass the share holders capital entry in Tally? How to set this option in Tally?
what happens to each of the three primary financial statements when capital expenditures decrease?
what is balancesheet adjustment a/c. what is the use of this a/c in sap fico
1. Fdr mature with interest
Example for extra ordinary expenditure?
distinguish between price rate and time rate?
i am the student of icwai (intermidiate) What is the tds and how use the different state ..
hi gurus , plz can anybody forward ur cv of accounts/finance related , exp of 4+ years to afreenjuveriya@yahoo.com
What is Risk Assessment?
what is the scenario of multi-org setup?
What is discounting accounting and why depriciation of assets are mention in dicounting accounting?
