Effect of overstatement of opening stock
This query is : Resolved
12 February 2016
Hi,
Please advice on the below case:
What should be the effects in the current year if the closing stock of previous year which was recorded at Rs. 30,000, was overstated by Rs. 10,000.?
What should be the JE in the CY?
CMA Ramesh Krishnan
(Expert)
12 February 2016
Basically profit was overstated by Rs.10000 so,debit profit/loss a/c credit stock a/c in current year
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