The Opening Stock of goods is the stock of goods in hand at the start of an accounting year. It may contain stock of raw material, work-in-progress and finished goods. It appears in the debit column of the trial balance. Inside the Trading Account this is the initial entry on the debit side. The valuation is generally done at cost or market price that ever is lower. The Stock of goods in hand on the end of accounting year is termed as Closing Stock. Likewise, closing stock may contain stock of raw material, work in progress and finished goods. The closing stock is demonstrated on the credit side of the Trading Account. Closing stock is generally not specified in the trial balance but is specified by way of additional information.

Posted Date: 4/3/2013 6:17:32 AM | Location : United States

Ask an Expert

Related Discussions:- Closing stock, Assignment Help, Ask Question on Closing stock, Get Answer, Expert's Help, Closing stock Discussions

Write discussion on Closing stock
Your posts are moderated

Write your message here..

Related Questions

Receipts and payments by cheque, You must be aware about the most of busine... You must be aware about the most of business are made through cheques these days. It involves the bank whether the firm has opened its own account. Thus when payment is made by che

Help with case problem, Hello, I am interested in help on an ACCO 310 case... Hello, I am interested in help on an ACCO 310 case which is due on Tuesday the 13th at 12 PM. Please contact me at your earliest convenience and hopefully we can work something ou

Inventory, Inventory Within a trading firm, inventory is merchandise he... Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would

Transactions relating to goods, The term goods refer to articles that are t... The term goods refer to articles that are traded through the firm   articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo

Payable.., how many tipe of accounts how many tipe of accounts

Balance sheet, Balance sheet is related along with reporting the financial ... Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value

Accounts, Define Accounting. Briefly explain the accounting concepts which ... Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.

Intangible Assets, In view of company being faced with huge write-downs to ... In view of company being faced with huge write-downs to the carrying values of their intangible assets, what are the current AASB reporting requirements for intagibles and does the

Items in the profit and loss account, The subsequent items are debited in t... The subsequent items are debited in the profit and loss account as: 1. Administrative expenses comprising office salaries, office lighting, office rent, printing, director's fee

Accounting policy , As of 2005, consolidated financial statements of listed... As of 2005, consolidated financial statements of listed companies in the European Union are required to be prepared in accordance with IFRSs. Complete the following accounting p