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What are the closing stock entries in case of Perpetual and Periodic system of valuation?

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Question ajoutée par Khalid Noor , Accounting Manager , FedEx
Date de publication: 2014/06/18
Khalid Noor
par Khalid Noor , Accounting Manager , FedEx

No answer so far ?

mohammed ismail
par mohammed ismail , Group Accounting Manager , AMS Holding Group

 Perpetual inventory system updates inventory accounts after each purchase or sale.      Inventory subsidiary ledger is updated after each transaction.      Inventory quantities are updated continuously. Periodic inventory system records inventory purchase or sale in PURCHASES account.

      "Purchases" account is updated continuously, however, "Inventory" account is updated on a periodic basis, at the end of each accounting period (e.g., monthly, quarterly)      Inventory subsidiary ledger is not updated after each purchase or sale of inventory.      Inventory quantities are not updated continuously.      Inventory quantities are updated on a periodic basis. 

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