View Full Version : What are the entries for closing stock?
somveer9715378
Sep 4, 2008, 10:49 PM
Can somebody help me to answer this question?
nabelle
Apr 25, 2009, 09:55 PM
If the stocks in terms of goods, then the entries are
Debit stock
Credit capital
If in terms of money or cash,
Debit cash or bank account
Credit capital account
- good luck:)
ateefmuallim
Apr 26, 2009, 06:04 AM
what is the equation for closing stock
satyanarayanara
May 1, 2009, 03:43 AM
Mr nabelle your answer is no way related to the question
The true answer is
Trading a/c dr
To closing stock a/c
The inventory will be always on debit side it is the fundamental rule .To close it we have to make a reverse entry.
satyanarayanara
May 1, 2009, 03:49 AM
The equation for closing stock is
Opening stock+(purchases-closing stock)-slaes
Or
(Opening stock+purchases)-(sales+closing stock)