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MGT101 Final Term Solved Past Papers

Closing stock is the value of goods unsold at the end of the accounting year. For purposes of making financial statements, it is deducted from the cost of goods sold & is shown as an asset in the Balance Sheet. As this is the value of goods that are yet to be sold, it cannot be included in the cost of goods sold. That is why it is deducted from the cost of goods sold. On the other hand, its benefit will be received in the next accounting year, so it is shown as an asset in the balance sheet.

MGT101 Final Term Solved Past Papers, mgt101 final term solved papers by moaaz, mgt101 final term solved papers by waqar siddu, mgt101 final term solved papers 2020, mgt101 final term solved papers by moaaz mega file, mgt101 final term preparation, mgt101 final term short notes

In manufacturing concern, Raw material stock is put into the process. For accounting purposes, all value of stock and other manufacturing costs are charged to work in process account. When the process is completed and the goods are prepared, all the value of work in process is charged to the finished goods account. The business sells finished goods for the whole accounting year. At the end of the year, goods that are unsold are deducted from the cost of goods sold account.

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