Value of Stock Held

Scorpiogal13

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

Scorpiogal13

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

[Deleted User]

Scorpiogal13 said:

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

Stock value is generally its value where it to be sold on the open market at a given date - really should have bern calculated at 5th April. 

Scorpiogal13

[Deleted User] said:

Scorpiogal13 said:

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

Stock value is generally its value where it to be sold on the open market at a given date - really should have bern calculated at 5th April. 

Is there a way of calculating this now though.

eskbanker

Scorpiogal13 said:

[Deleted User] said:

Scorpiogal13 said:

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

Stock value is generally its value where it to be sold on the open market at a given date - really should have bern calculated at 5th April. 

Is there a way of calculating this now though.

It's the same calculation now as then, i.e. establish how many of each item you had and multiply by its unit price?

soolin

Scorpiogal13 said:

Hi there, just wanted to know how I calculate what my Stock held was (as at 5th April 2024)?
I'm an Ebayer with no accounts experience, so not quite sure how to get to this number.
Any advice will be greatly appreciated. Thanks.

What sort of business accounting system do you use, as for smaller sellers or those who don't keep huge amounts of stock or have capital expenses, the cash accounting basis is good. That's just a simple all income recorded, less all expenses- and no need to account for stock held. 

soolin

Cash basis: Overview - GOV.UK

HMRC can explain it better than I can. and as per the article it says this is the default setting from April 2024 anyway. 

Scorpiogal13

Yes, I'm just a very small business with not a lot of stock.
I have an online accounts agency do my bookkeeping and self assessment. So I'm not used to working this out myself.
Admittedly I've been lazy. But I'm just not good with Numbers!
But I was specifically asked by them, what my estimated Stock value was "as at 5th April 2024" and don't know how to work this out.

soolin

Scorpiogal13 said:

Yes, I'm just a very small business with not a lot of stock.
I have an online accounts agency do my bookkeeping and self assessment. So I'm not used to working this out myself.
Admittedly I've been lazy. But I'm just not good with Numbers!
But I was specifically asked by them, what my estimated Stock value was "as at 5th April 2024" and don't know how to work this out.

Probably best to ask them as it's unusual to do full accounts for a sole trader business. 

[Deleted User]

Scorpiogal13 said:

Yes, I'm just a very small business with not a lot of stock.
I have an online accounts agency do my bookkeeping and self assessment. So I'm not used to working this out myself.
Admittedly I've been lazy. But I'm just not good with Numbers!
But I was specifically asked by them, what my estimated Stock value was "as at 5th April 2024" and don't know how to work this out.

What stock were you holding at the beginning of April and how much was it worth (at cost), is what they're asking you.
If you don't have a lot of stock, this should be easy to answer...

Scorpiogal13

[Deleted User] said:

Scorpiogal13 said:

Yes, I'm just a very small business with not a lot of stock.
I have an online accounts agency do my bookkeeping and self assessment. So I'm not used to working this out myself.
Admittedly I've been lazy. But I'm just not good with Numbers!
But I was specifically asked by them, what my estimated Stock value was "as at 5th April 2024" and don't know how to work this out.

What stock were you holding at the beginning of April and how much was it worth (at cost), is what they're asking you.
If you don't have a lot of stock, this should be easy to answer...

So basically, I have to workout what stock (value) I held last year minus my Sales,.... up to the 4th April 2024?