Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / mr gvk
Closing stock comes in trading account.SO that profit can be ascertained for the concerned period.
Moreover , trial balance shows the balancing figures of the Items..
In one way, Closing stock is appearing in the trail balances via, sales ,purchases and opening stock. The difference of opening stock and sales added with opening stock gives closing balance figure.
It is a good Corporate practice to Include the closing stock as a foot note in down the sheet of trail balance.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What is the difference between a cash flow statement and an accural profit & loss account ? And why do simple organisations do not feel the need for a profit and loss type of statement ?
If assume we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now and how it possible? What about vat like tax setups in ap and ar? What about the sweep command in ap?
What is fbt (fringe benefit tax)?
Company ABC split 1:3 on March 31, 2009 and split 3:1 on March 31, 2008. Date Close Price # of Shares Revised Closed Price Revised # of Shares June 15, 2009 $75.00 3000 $75.00 April 23, 2009 $72.00 2300 $72.00 March 31, 2009 $67.00 999 $ March 31, 2008 $275.00 300 $91.66 November 30, 2007 $233.00 6800 $77.66 October 6, 2006 $1,333.00 13000 $444.33
Explain what does financial statement of the company includes?
when we can submit Form-C to the Sales Tax Dept. What is the period to issue Form-C to the supplier
Why are accounting standards necessary?
WHAT IS THE VAT/CST RATE FOR PURCHASING COMPUTER/PHERIPHERALS FROM GUJARAT AGAINST C FORM, FOR DIU (UNION TERRITORY) AND WHAT RATE OF VAT/CST I HAVE TO PAY IN DIU FOR SALE.
how to calculate accrued interest on fdr?how to see from bank statement????basic procedure plz advice..
From the following particulars taken on 31 December, 1995, you are required to prepare a bank reconciliation statement to reconcile the bank balance shown in the Cash Book with that shown in the Pass Book: (i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027. (ii) Four cheques drawn on 31 December but not cleared till January are as follows: Rs 12; Rs 1,021; Rs 98; and Rs 113. (iii) Interest on O/D not entered in Cash Book Rs 51. (iv) Three cheques received on 30 December and entered in the bank column of the Cash Book but not lodged in bank for collection till 3 January next: Rs 1,160; Rs 2,100; and Rs 2,080. (v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered twice erroneously in Cash Book in November. (vi) A Bill Receivable for Rs 250 due on 29 December, 1995 was passed to the bank for collection on 28 December, 1990 and was entered in Cash Book forthwith whereas the proceeds were credited in the Pass Book only in January following. (vii) Chamber of Commerce subscription Rs 10 paid by bank on 1 December, 1990 had not been entered in the Cash Book. (viii) Bank charges of Rs 5 had been debited in the pass book twice erroneously. . . . plz be fast
Tell me how many types of business transactions are there in accounting?
Mention in simple terms what is the difference between asset, equity, and liabilities?
Please give me as example of service tax & Vat Posting through Tally.
What are the effects when intangibles and tangible assests decrease
Hi, Mobile manufacturing given a mobile phone as a gift to their employee. What journal entry we need to pass in company point of view.
