is the closing stock shown on the balance sheet as per book or as per physical verification?
if i omitted to record the goods withdrawn by owner for personal use, what shall be its effect on my closing stock as per book and as per physical verification?
The closing stock is the quantity in stock by the average cost.
If you do not record stock withdrawn by the owner, then the qùantity valued will be incorrect.
You should count the physical stock at the end of the period and make stock adjustments if there is a discrepancy between the physical stock count and the accounting stock count
if owner has withdrawn goods worth 1700, then will it have effect on closing stock?
Yes. How could it not?
@manang, you already asked this question in another thread. I am closing this topic.