How to post Stock
Londina
Registered Posts: 814 Epic contributor 🐘
Hiya
a basic question, hope someone can help me.
I need to account stock purchased of £600 and sold of £1000 for the current year end 31/03, can somebody please let me know which journals I have to do?
a basic question, hope someone can help me.
I need to account stock purchased of £600 and sold of £1000 for the current year end 31/03, can somebody please let me know which journals I have to do?
0
Comments
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I was expecting a query on the entries for closing stock, but the transaction you described should have simply been dealt with as a purchase and sale through the bank account?
Interpreting you differently, stock is valued at the lower of cost and net realisible value. If you mean the stock held cost £600 and will be sold, rather than has been sold, for £1000. The closing stock valuation will be £600.
Dr closing stock £600 (bal sheet)
Cr closing stock £600 (p&l)0
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