Accounting System

Or-
1. Dr Stock( Inventory), Credit crditor
2. When sold, Dr COS(Cost of Sale), Credit Stock.

Then, as long as all entries were correct and up dated when goods were sold, the stock figure at the year end will be the closing stock value.

But of cos thre may be stock damage, lost etc, so you may need to make more Jnl 2 above to correct the year nd stock value.

We rarely up value stock- due to the prudence concept, so reverse jnl (dr stock, credit COS) is unlikely.

This should be the most appropriate and common way to account for stock.

Assuming your system does not require you to have a inventory system, then whenever there are purchases, you then Dr. Purchases Cr. Trade Creditors.
Closing stock value is ascertained after the year-end stock-taking and with its valuation e.g. FIFO etc. You then put through an entry by Dr. Stock-in-Hand Cr. Purchases