11 September 2019
Stock of gold/ silver / jewellery a/ c Dr To Capital a/c. Here you must show the stock of each thing separately at a fair valuation on the date of transfer.
11 September 2019
You dont need to pass any separate entry for P&L a/ c . It will automatically be added in your stock like it happens in the case of purchases. Whenever you sell the stock, do entries as you do normally in any other case of sale.
13 September 2019
Let me make a correction here... The journal entry should be Purchase a/c Dr To Capital a/c After this , you can include the introduced stock in Closing Stock. Net effect on profits Nil. And follow normal accounting when sold.
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