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Former Member
May 31, 2011 at 05:27 AM

Purchase value not getting tallied with COGS account and Sales Value

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Dear all !

In a trading company , stock value is not tallying with Purchase - Purchase return - COGS value.

Item Valuation method is Moving average.

Purchases during 10-11 -


Rs.5,43,40,640.18

Less : Purchase Return----


Rs. 22,22,197.93

-


-


Rs. 5,21,18,442.25

Less:Cost of Goods Sold----


Rs.4,78,70,113.70

-


Closing Stock 31.03.11----


Rs. 42,48,328.55

Stock showed in SAP----


Rs. 46,86,369.28

=====================================

Difference----


Rs. 4,38,040.73

There is no opening balance hence auditor ask query for the difference and please explain how the difference come.

Kindly let us know idea on this.