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.