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Hi all,

Should dividend be paid out from the retained earnings? Should it be paid out from the earning of current year and pay out in the middle of the year? (i.e. current year's earnings is not...

Provision of stock xxx
Stock xxx

I think this is two separate issues.

Sales > Production will reduce stock
Using FIFO concept, the closing stock should be 15 (assume stock produced in year 1 all sold)

Sales < Production will...

If it is periodic inventory system, when the inventory will be recorded? And what the entry should be?

Hi, this is manufacturing stocks, not those in stock market. So the credit should be??

What is the journal for recording stock purchased?

Dr. Purchase xxx
Cr. Cash xxx

Dr. Stock xxx
Cr.? Xxx

Please tell me what?? Should be.