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Stock adjustment |
See Also
Expense analysis | Profit and loss account / Income statement (D schedule)
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is available for periods ending on or after 1 April 1997, and is used to calculate the value of opening/closing stock where a LIFO basis (last in first out) has been applied in their accounting treatment. The software adjusts opening and closing stocks to a FIFO basis (first in first out).
The schedule is developed from the D schedule or a supporting expense analysis, where it is listed under the Other menu option.
Several copies of this schedule may be developed.
This schedule has no standard sub-schedules.
The software will carry forward the closing balances for both the LIFO and FIFO stocks and include them as opening balances (with the opposite sign) in the following period.
© 2009 Thomson Reuters.