How to enter closing stock value?

 I would like to know that how should I enter the closing stock valuation in the system.

Stock in Hand on 01-04-2011 = 1,00,000 Dr
Stock in Hand on 31-03-2012 = 2,00,000 Dr

Now there is a need for a entry like this:

Stock in Hand = 1,00,000 Dr

Now I don’t know where to do the Cr entry since I need to update the account in my system.

Hi Aditya,

You have to credit “Cost of Goods Sold” or relevant expense account.

On Wed, Nov 28, 2012 at 2:47 PM, Addy <ad…@gmail.com> wrote:
I would like to know that how should I enter the closing stock valuation in the system.

Stock in Hand on 01-04-2011 = 1,00,000 Dr
Stock in Hand on 31-03-2012 = 2,00,000 Dr

Now there is a need for a entry like this:

Stock in Hand = 1,00,000 Dr

Now I don't know where to do the Cr entry since I need to update the account in my system.