Accounting Entry of Closing Stock Value.

Now let us assume that the opening stock value was Rs.50,000/- as on 1.4.2008. And we have to show this in FusionRetail Accounts.  Also assume that after a month, there was a closing stock of Rs. 75,000/- as on 30.4.2008. You also want to reflect this in the FusionRetail Accounts.

We have to create two ledgers as below

1. Closing Stock BS  under  Current Asset (group)
2. Increase/ Decrease in Stock  under Income (group)

And do the following

1. Enter Rs. 50,000/- in the field “Opening Balance ”as Dr. in the ledger Closing Stock BS 
2. Now for 30.4.2008 first calculate  the difference of (closing value-opening value)
    i.e. Rs.75,000/-Rs.50,000 = Rs.25,000/-
3. Finally we make a journal entry as on 30.4.2008

• By Closing Stock BS a/c  Dr. 25000/-
• To Increase/Decrease Stock Cr. 25000/-

You can use the same entry to use it Day wise , Month Wise or Year Wise.