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Why closing stock figure doesn't appear in trial balance?

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تم إضافة السؤال من قبل Prabin Prabin
تاريخ النشر: 2016/01/19
Sowmya Umanath
من قبل Sowmya Umanath , accounts executive , Muthoot Fincorp ltd

Closing stock is the leftover balance out of goods which were purchased during an accounting period. Total purchases are already included in the trial balance, Hence closing stock should not be included in the trial balance again.

Shingai  Munemero
من قبل Shingai Munemero , Finance & Administration Executive , First Mutual Life Pearl Properties (2006) Limited First Mutual Park, First Mutual Park

Because total purchases are already included in the trial balance

arslan awan
من قبل arslan awan , Accountant , Apex Paper Corporation

Please get the basics straight make the T-Accounts / transfer the closing balance to TB and prepare income statement (or SOCI) and Balance Sheet (SOFP). COGS is (Op Stock + Purchases - Closing Stock) while Closing Stock or Inventory (evaluated at lifo etc) goes to SOFP (current assets) i am just wondering how can the TB be balanced without the Stock.

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