Value of Stock Held

soolin

Scorpiogal13 said:

[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?

If you used the same company last year then they will have your end of tax year figures that you gave them, and it will basically be opening stock, plus stock purchased, less stock sold (or written off).

As I said, they have chosen a very complicated way of doing things, cash accounting is so much simpler!

JGB1955

You have to work out the value of your remaining stock as at 5th April 2024.  Ignore sales.

Scorpiogal13

soolin said:

Scorpiogal13 said:

[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?

If you used the same company last year then they will have your end of tax year figures that you gave them, and it will basically be opening stock, plus stock purchased, less stock sold (or written off).

As I said, they have chosen a very complicated way of doing things, cash accounting is so much simpler!

Yes, this sounds about right.
Thank you Soolin. 

JCS1

Stock is valued at the lower of cost or net realisable value (I.e you bought widget for 10 but can only sale for 5, the stock value is 5)

JCS1

[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. 

Stock is valued at the lower of cost or net realisable value  - not the sale price.