Question

Dock dues debit ya credit

Answer 1

Explanation:

hand. This figure is available from Trial Balance. Generally, when Trading Account is prepared, stock is taken on the last day of the trading period, by actual counting and fixing value. The valuation is usually done at cost price or market price whichever is lower.

The current year’s closing stock of goods will be the opening stock of the next year. A firm, which is started newly, has no opening stock. Opening stock consists of raw materials, work-in-progress and finished goods.