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if closing stock appears in the trial balance what is the
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Answer Posted / chandu
yes sir, if closing stock appears in the trail balance, the
closing stock shown in the balance sheet at assets side
| Is This Answer Correct ? | 4 Yes | 2 No |
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why the closing stock is not considered in drawing trail balance.... Are there any other items like the above
In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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