UK Stock

[bobbyjo]

Hi , I have recently joined a company and I am preparing the accounts for this financial year. I have an opening stock figure in the accounts, as they previous accounts have been prepared on a job by job basis where income has been accrued on a percentage complete basis and the corresponding COG have been entered into the accounts, I would have thought that by entering a closing stock figure and accruing the income for this job would be duplicating the assets in the balance sheet. Am I correct?

Any help would be appreciated!