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what kind of account invenory taking account

Former Member
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Inventory taking account is which kind of account? it isaibility account or asset account?

Accepted Solutions (1)

Accepted Solutions (1)

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Inventory acct is an asset account in a balance sheet. Liabilties are different i.e., what we have to pay to vendors or bank against loans etc.,

Answers (1)

Answers (1)

Former Member
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Hi,

It will be of Asset account type ( ie during MIGO stock account )

Liability account will happen during MIRO when we are about to pay to our vendors.

Regards,

DilliB