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Acountng adjstment

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(Querist)
04 January 2014 If opening stock is understated in fin statemens.hw profit is overstated??? instead,it shud also b understatd...
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 January 2014 Opening stock is the debit item in the profit & loss account,if the opening stock understated means your profit will be more only.
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CA Galib Mirza

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CA Galib Mirza (Expert)
05 January 2014 Dear tejal
Op stock is in trading account on debit side thus if we reduce our debit side profit is more
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