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Post Info TOPIC: Stock
Pops


Newbie

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Hi,

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?

Many thanks

Pops



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Tiffany
Cheshire


Master Book-keeper

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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
Cheshire


Master Book-keeper

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Oh and how and why was it acquired or disposed of for free? What percentage of the stock was free?

__________________

 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
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink  

why ask the question then completely ignore any kind of response?

WOT

__________________

 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
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