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
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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)
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