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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
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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.
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