Closing Stock At End of the Year
This query is : Resolved
27 January 2024
Closing stock a/c...debited
To purchase account
or
Closing stock a/c...debited To trading account
1. WHICH ENTRIES IS CORRECT
2. DIFFERENT BETWEEN BOTH ENTRIES
To purchase account
or
Closing stock a/c...debited To trading account
1. WHICH ENTRIES IS CORRECT
2. DIFFERENT BETWEEN BOTH ENTRIES
28 January 2024
Closing Stock is debited as there is an increase in the asset. Purchase A/c is credited because of the Matching concept. After recording the adjustment entry, the closing stock is shown on the debit column of the Trial Balance. It is not shown in the Trading A/c as it is already adjusted against purchases
28 January 2024
Thank you
CA R SEETHARAMAN
But what if wo go for second entries .
.
CA R SEETHARAMAN
But what if wo go for second entries .
.
29 January 2024
No problem second option can also be chosen.
29 January 2024
Thank you once again but in this case will the closing stock can be shown on the debit column of the Trial Balance???
29 January 2024
Yes, closing stock is on debit side.
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