Closing stock, Accounting Standards

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







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
Related Questions
i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is

Currently I can represent my financial position in the subsequent form:                                           Financial Position Statement 1     Amount owned by me

The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri

What is the difference between governmental type activities and business type activities and can you give some examples of each?


1)   List every item debited or credited in the Profit and Loss account. 2)   Illustrates the difference among Trading Account and Profit and Loss Account. 3)   Illustrates t

It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces

JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay

We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?

the relevance of standard costing