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What is the type of principal for CLOSING STOCK. and why we
show closing stock two time that is once in trading account
and another time in assets. if closing stock is Real
account than what about showing in trading account as we
dont show real account type in trading account. thanks
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Answer Posted / v.sreenivasulu
Trading account - containing of purchases, sales, stock
(opening + closing).
Main Principle :-
opening stock + purchases = sales + closing stock
if u not record closing stock on CR side of Trading A/C,
the effect is that whatever O/Stock and purchases are
converted into Sales.
Sales is an Revenue for the organisation - where as Closing
stock will be an Closing asset.
| Is This Answer Correct ? | 4 Yes | 1 No |
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