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Post Info TOPIC: Stock


Member

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Stock
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Hi

I have a new customer who's book's i'm going to be doing and they have stock (which i haven't dealt with before)

Please could anyone confirm what i should be posting into the accounts each month.

The owner has just given me a closing stock value (£) for the end of March 11.

The stock nominal codes that i have are as follows:

1001 Stock - Servicing (Dr balance)
1002 Stock - Add On (Dr balance)
1003 Stock - Installations (Cr balance)

5200 Opening Stock (Dr Balance)
5201 Closing Stock (Cr Balance)

Any help would be really appreciated.

Alex



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gbm


Guru

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Posts: 896
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Hi Alex,

Theusual entries for closing stock are:

Dr stock (bal sheet) - say 1001
Cr stock (P&L) - say 5201

If stock values have previously been entered, they should be reversed; tsock is an asset at one point in time, in this case March 2011. Any stock values already in these codes need reviewing//reversing.

__________________

 

Regards,
Nick

Website: www.gbmaccounts.co.uk
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