Clsoing stock

Discussion in 'A/c entries' started by seema, Apr 14, 2014.

  1. seema

    seema Member

    How to arrive at closing stock??? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and i did sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales and opening stock? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?

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