What is meant by closing stock show its treatment in final accounts?
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HEY MATE........
Adjustment Entries for Closing Stock in Final Accounts! The closing stock is the unsold goods lying in the concern. Generally, the firm takes out a list of ail stocks, remaining unsold along with their value. ... Generally, the closing stock will not appear in the Trial Balance and it lies in the adjustment.
Adjustment Entries for Closing Stock in Final Accounts! The closing stock is the unsold goods lying in the concern. Generally, the firm takes out a list of ail stocks, remaining unsold along with their value. ... Generally, the closing stock will not appear in the Trial Balance and it lies in the adjustment.
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Explanation:
Closing stock implies the value of unsold goods at the end of an accounting period. The valuation of closing stock is done on the basis of its cost price or the realisable value, whichever of the two is lesser. ... If closing stock is given in the adjustment, then there will be two postings.
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