Closing Stock At End of the Year

This query is : Resolved

Jigar (Querist)
Follow

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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

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

Jigar

Jigar (Querist)
Follow

28 January 2024 Thank you
CA R SEETHARAMAN
But what if wo go for second entries .

.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 January 2024 No problem second option can also be chosen.

Jigar

Jigar (Querist)
Follow

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???

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 January 2024 Yes, closing stock is on debit side.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Adesh Mahajan

Sharad Jain

CMA Sajin Odupara

vinal

sunjeev batra

Subscribe Now

Closing Stock At End of the Year

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

Senior Executive

GST CONSULTANCY

GST CONSULTANT

Manager- Finance and Compliance