Adjustment entries
This query is : Resolved
Shekhar Agarwal
(Querist)
27 July 2016
Due to Wrong Entry in Previous year Closing Stock was taken as 750000/- instead of Rs. 250000/-.How to adjust it in current Year?
Amol S Joglekar
(Expert)
27 July 2016
you can adjust it through capital account, if the last year's accounts are finalised
Message likes :
1 times
Shekhar Agarwal
(Querist)
27 July 2016
What will be the Journal Entry?
Amol S Joglekar
(Expert)
27 July 2016
what entry did you pass for closing stock?
Shekhar Agarwal
(Querist)
28 July 2016
Closing stock dr
To trading
To trading
Amol S Joglekar
(Expert)
28 July 2016
reverse the entry.......with the difference .....
trading account is prepared at the time of finalisation......here we are not finalising the accounts right now......so?
in place of trading account, use capital account.....ok?
trading account is prepared at the time of finalisation......here we are not finalising the accounts right now......so?
in place of trading account, use capital account.....ok?
Shekhar Agarwal
(Querist)
28 July 2016
Now stock will appear in current year trading account at corrected figure i.e. 250000/-?
Amol S Joglekar
(Expert)
28 July 2016
you need to pass the entry with an amount of difference i.e. 500,000..(Your opening stock is 750,000....which should be 250,000....right?.....so I said reverse the entry......amount being the difference i.e. 500,000)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- Reward for festival
- TDS Return Statement Status
- Import of Capital Machine
- Appointment of Auditor By Form ADT-1
- Form 144 TDS Return Validation error
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- Resigning a auditor from the company for misconduct
- LLP audit under companies act
- Concept of Vendor and customner reconciliation
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- INWARD REMITTANCE FOREIGN
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
