Can closing stock of current year be present in tht Trial
Balance of said year...????
- 5 Answers
- 18383 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / anubhavbansal2002
Yes, the current year's closing stock can be presented in
the current years trial balance only in either of th
following two cases:-
1. When the cost of sales is given in the trial balance.
2. When GP of the year is given in the trial balance.
But, The opening stock and closing stock of the current
year can never be presented in the trial balance at the
same time. If, these both stocks are reflected in the trial
balance at the same time the trial balance is wrongly
prepared.
| Is This Answer Correct ? | 36 Yes | 14 No |
Answer / suyog
firstly understand why it is not in trial balance
1.we haven't open closing stock account in our books of
accounts. so, it will not reflect in trial balance.
2.the effect of clo. st. and gross profit remains in trial
balance because of opening stock + purchases-sales
3.but to know true profitability of business closing stock
is taken from stock ledger i. we can take closing stock in
TB if adjust it with purchases
| Is This Answer Correct ? | 22 Yes | 1 No |
Answer / murali royal
Closing stock always appears in Adjustments of trial balance.
Closing stock will not appear in trial balance sheet. Bez it
is not a ledger a/c balance.
The adjustment items shall have two hold effect. In the same
manner closing stock has impact on
1. Trading account Cr side
2. Balance sheet Asset side under current asset
| Is This Answer Correct ? | 10 Yes | 4 No |
Answer / rajesh
it is an adj entry the adj entry comes two times closing
stock is an adj entry it comes in trading a/c and
balancesheet. what ever items comes in trial balnce we have
to one time either in trading and profit and loss a/c or
balance sheet item
| Is This Answer Correct ? | 12 Yes | 9 No |
Expand---------BRM
Please send me full details of MIS report how to prepare which item to be consider in MIS report? 2) full details of Esic, PF and Fbt and maharashtra labour welfare fund
what is finance
why should we do accounts in company
EXPAND_______________TOT
EXPAND______________PCB
What are the benefits ofparticipation in a depository?
how to get bank reconsilation statment
How to treat the provision for bad debts which appeared on the credit side of the P&L A/c?
What is the proces of transfer of goods from one branc at Mumbai to the other jBranch at Ajhmedabad? Clearly state the provisions of the relevant Act?
Restrictions or limitations of members in banking Firms -------other firms
what is the diffrance between fund flow statement and cash flow statement.
Audit 
