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Answer Posted / rakesh
work in progress means from the stage of the work means
like from the stage of production of raw materials to
finished goods is called as the work in progress.
| Is This Answer Correct ? | 27 Yes | 2 No |
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How to calculate closing stock? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?
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