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why should we treat closing stock credit side in trading
account , and why the reason the closing stock should not
appear in the trial balance ?
- 3 Answers
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Answer / gaurav bhatia
For the purpose of calculating the cost of goods sold we
use Opening stock +Purchases+Direct Expenses-Closing Stock
that is the reason we shows Closing stock in the credit
side of Trading account also for calculating the exact
gross profit it should be shown on the credit side because
it is the part of that purchases which is left out ( not
sold)
| Is This Answer Correct ? | 65 Yes | 4 No |
Answer / mougal
the calculate purpose of closeing stock how mach consumed
stock of rawmetrial
| Is This Answer Correct ? | 6 Yes | 7 No |
Answer / yeluri krishnaprasad
it is necessory for calculating ascertain cost of goods sold.it is the remaining goods of the company.so it is
treated as asset
| Is This Answer Correct ? | 0 Yes | 1 No |
I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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