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Weather Closing Stock appears in Trial Balance. If not why
and if yes how.
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Answer / bhavani
closing stock will not appear in Trial Balance , it will be
shown in adjustments
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / bhargavi
There is possibility of appearing closing stock in trial
balance when the entry passed is
closing stock A/c dr
To purchases
The effect of above entry is te reduce the debit in
purchases account.The stock account then not entered in
trading a/c it will then appear in trial balance
generally it is passed as closing stock A/c dr
to trading A/c.
The basic principle is matching concept.since cost incurred
w.r.t to unsold stock should not appear in this year books
of account it is reduced from purchases or by crediting
trading a/c and shown as cost of next years by writing as
opening stock.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / ali imran
It vary from company to company and policy to policy. Closing stock is generally evaluated at the end of year (because after shutting all business operations down for current year relating to stock, the stock that remains is called closing stock. If it still could be used in current year, then it will not be closing stock) and that date of evaluating lays between the balance sheet date and financial statement preparation date. Obviously when books are closed then financial statements can be made. So that the way closing stock normally does not appear in trial balance. (because trial balance is closed at balance sheet date)
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / y.rajasekhar
Closing Stock will not appear in Trial Balance because the closing will be calculated in the basis of either Market price or cost price whichever is less
| Is This Answer Correct ? | 0 Yes | 0 No |
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