[morangel]

does closing stock have a credit balance?? /
why should closing stock be stated in the trial balance a s a debit balance?? /
I am asking this because I solved a question on company account and the value of closing stock was debited as stock in trade in the trial balance
what is common stock??
thank you for reading

[ROLCAM]

does closing stock have a credit balance?? /
YES! It is shown as a negative in the Trading Account.


why should closing stock be stated in the trial balance a s a debit balance?? /

Because it is an asset.
All assets and expenses are DEBITS.
All Liabilities and Equity and Incomes are CREDITS.
A+E = L+I + EQUITY.



I am asking this because I solved a question on company account and the value of closing stock was debited as stock in trade in the trial balance

Quite rightly so.

what is common stock??

Common stock has got nothing to do with
the above Closing Stock ( also known as
INVENTORY )
Common Stock is another phrase for SHARES.
(Ordinary Shares).

[djamal]

I am interested in lunching a one pound shop . How do I get the cheap stock