What is closing stock? (Answer in one sentence)
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closing stock is the amount of inventory that a business still have on hand and the end of the reporting period
closing stock is the amount of inventory that a business still have on hand and the end of the reporting period
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Answer:
Closing stock implies the value of unsold goods at the end of an accounting period.
Explanation:
Closing stock:
Closing stock implies the value of unsold goods at the end of an accounting period. That is the the stock which we have not purchased and not sold. The valuation of closing stock is done on the basis of its cost price or the realisable value, whichever of the two is lesser. It is shown on right side in profit and loss.
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