There probably is a very easy answer to this but I am getting myself very confused. I need to value stock for opening stock entrie, some of the stock was paid for and some stock was given cheap or FOC. So do I value it the price I paid for, if any, or the cost price it is worth?
Hi Tiffany
How's about an intro before we start- we always ask newbies. Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.
Also - pls add your first name so that it appears under the signature bar on your posts via Edit profile --->signatures
Don't you mean closing stock?
Who has done the stock take?
What is the stock consisting of?
You say some of the stock was given foc - acquired or disposed of for free?
Is this the year end stock valuation or a shorter period end?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
