Interested to Buy Any Domain ? << Click Here >> for more details...
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
- 6 Answers
- 17953 Views
- DuPont, I also Faced
- E-Mail Answers
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 |
Post New Answer View All Answers
Mobile on Rupees 2000 purchase for office use not for staff....What entry in accounts..?????
What are the features of financial accounting?
Tell us what is your proudest accomplishment?
What is the definition(meaning) for the Final accounts adjustment 'Uninsured goods lost fire'?
what is the enty for contract bill raised?
Explain me how much mathematics knowledge is necessary or required in accounting?
Define the term material facts in accounting?
Please help me with the accounts head for the below ledgers for e.g. for Salary A\c - Indirect Expenses is the account head in tally. what is the account head for below ledgers. Salary A/c Dr. xxx To EPF Payable (employees' contribution only) xx To ESI Payable (employees' contribution only) xx To PT Payable (deducted from employees only) xx To TDS Payable (if deducted from employees' only) xx To Salary Payable (net amount only) xxx Salary A/c Dr. xxx To EPF Payable (employees' contribution only) xx To ESI Payable (employees' contribution only) xx To PT Payable (deducted from employees only) xx To TDS Payable (if deducted from employees' only) xx To Salary Payable (net amount only) xxx Salary Payable A/c Dr. xxx To Cash / Bank A/c xxx
what is the rate of vat,cst,in mumbai
Explain fictitious assets?
how to calculate the rate of hard ,soft and very very hard rock rate of cubic meter
Tell us how can you define departmental accounting?
Sir i want to ask that if the salary above 6500/- than also pf deduct.
At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners. (a) Policy Amount. (b) Surrender Value. (c) Policy Value for the dead partner and Surrender Value for the rest. (d) Surrender Value for all the partners.
How is scrap value calculated?
