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
Q. What do you mean by Accounting Environment? Record keeping in an accounting sense is deliberation to have begun about 4000 BCE. The control, record-keeping, and verification

how many tipe of accounts

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 i

Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi

This time of year we all here about football. For me it is the bad news of how poorly the Buffalo Bills are performing. Hopefully your favorite team is doing well. One thing we all

Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp


Governing Documents - Official legal documents which dictate how an entity is operated. Governing documents of a CORPORATION include ARTICLES OF INCORPORATION and BYLAWS; a PARTNER

To establish and implement an accounting system  for  Trigon  Corporation, using MYOB accounting software. Needed: 1.  Make and print a  suitable chart of accounts in MYOB

Fixed Assets These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the