Adjustment entries
This query is : Resolved
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?
27 July 2016
you can adjust it through capital account, if the last year's accounts are finalised
Message likes :
1 times
27 July 2016
What will be the Journal Entry?
27 July 2016
what entry did you pass for closing stock?
28 July 2016
Closing stock dr
To trading
To trading
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?
28 July 2016
Now stock will appear in current year trading account at corrected figure i.e. 250000/-?
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- STCG on ETF gold & silver
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Loan by Partnership Firm
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
