financial statement. But this not always happened. Sometimes stocks are valued either before the closing date of the financial year or after the closing date of the financial year. However, in at the Core we are to prepare a reconciliation statement in order to ascertain the actual cost of stock of the closing date of the financial year. Otherwise the francia toment which will be prepared wil not show the true and for view of statement of affan of the concern. For example, if stocks are valued at after the closing date of the financial year, in that come the goods which are purchased now returned are to be adjusted le. in core of purchase the same is to be deducted and income of tale the same in to be added to the value of lock (A) Where stocks are valued before the closing date of the Financial Year #stocks are valued after the cloing date of the financial year in that come the method of preparing of Stock Reconciliation Statement will be Stock Reconciliation Statement son... Voue of Stock of the date of physical stock taking XXX Add Gooch Sold .. odusted sce XXX Return outward XXX Goods fronte XXX XXX LeseGood purchased leaded purchase XXX Routinward XXX Goods sont on consignment bas etc XXX XXX Value of stock at the closing date of the force year XXX 36 2.18 1 FUNDAMENTALS OF ACCOUNTING Illustration 15 Determine the value of stock on 31 March, 2013 from the folowing particulars Stock was valued on 15 April 2013 and the amount came tot 100.000 al sales 82.000 including cash sales 20.000 Purchaset 10.068 including cash purchase 3.980) (c) Retum inwardt 2.000 1 On 15" March, goods of the sale value oft 20.000 were sent on sale or retum bass to a customer, the period of approval being four weeks. He returned 40% of the goods on 10 April approving the rest, the customer was received on 16 April lel Goods received value 16,000 in March for sale on consignment boss 20% of the goods has been sold by 31 March, and another O by 15. April. These sales are not included in above sales Goods are sold at a profit at 20% on soles