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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.
AB Limited is a manufacturing entity that runs a number of operations including a bottling plant that bottles carbonated soft drinks. AB has been developing a new bottling process
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
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Explain the procedure followed in government system of accounting in india
Current Assets These are assets that will normally be converted in cash within a year or inside the operating cycle. The operating cycle is the duration in time considered by
explain how accounting information may be used when an owner wants to justify a price in one of their lines of house paint
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
Applicaion of Specific And General Loan
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