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NIGERIAN MIDSTREAM & DOWNSTREAM PETROLEUM REGULATORY AUTHORITY (NMRA)PETROLEUM PRODUCTS STOCK & DAYS SUFFICIENCY REPORT 13th DECEMBER 2021 1NIGERIAN MIDSTREAM & DOWNSTREAM PETROLEUM REGULATORY AUTHORITY

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How to fill out opening stock

01

To fill out the opening stock, follow these steps:

02

Start by gathering information about the inventory items you had on hand at the beginning of the accounting period.

03

Determine the cost or value of each item. This can be done by referring to purchase invoices or receipts.

04

Calculate the total value of the opening stock by summing up the individual values of each item.

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Record the opening stock value in the appropriate account in your accounting system, such as the 'Opening Stock' account or 'Inventory' account.

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Make sure to enter the correct date for the opening stock transaction.

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Double-check your entries for accuracy and completeness.

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Once completed, you now have the opening stock recorded and can proceed with your other accounting activities.

Who needs opening stock?

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Opening stock is needed by businesses that maintain inventory as part of their operations.

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This includes retailers, manufacturers, wholesalers, and any other business involved in buying and selling physical goods.

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The opening stock helps in assessing the financial position of the business at the beginning of an accounting period.

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It is also important for calculating the cost of goods sold and determining the profitability of the business.

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What is opening stock?

Opening stock refers to the amount of inventory or goods available for sale at the beginning of a accounting period.

Who is required to file opening stock?

Businesses and individuals who engage in buying and selling goods are required to file opening stock.

How to fill out opening stock?

Opening stock can be filled out by recording the quantity and value of inventory on hand at the start of the accounting period.

What is the purpose of opening stock?

The purpose of opening stock is to determine the value of goods available for sale and calculate the cost of goods sold.

What information must be reported on opening stock?

The information reported on opening stock typically includes the quantity, description, and value of inventory on hand.

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