Closing inventory in trial balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2011
Hi All,
Closing inventory has to be included in trial balance?
Closing inventory has to be included in trial balance?
24 September 2011
Closing inventory will not be form part of Trial balance, since the same value included in purchase accounts so we cannot add second time the same
Message likes :
1 times
29 April 2012
Closing inventory never forms a part of the trial balance. only opening inventory forms a part of it.
Closing inventory is always taken as a adjusting entry,hence having two effects :
1) P& L a/c
2)balance sheet
Closing inventory is always taken as a adjusting entry,hence having two effects :
1) P& L a/c
2)balance sheet
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