Over Valuation of Stock
This query is : Resolved
Bipin.M.Patel
(Querist)
28 May 2011
ABC Enterprises valued an inventory costing Rs 20000 twice in closing stock.
Before finalising the account , it came to know this error.
What accounting entry will it pass to rectify the error?
and where those entries reflect as far as presentation of Financial Statement is concerned.
i.e in trading A/c , P/L A/C and Balance Sheet.
Before finalising the account , it came to know this error.
What accounting entry will it pass to rectify the error?
and where those entries reflect as far as presentation of Financial Statement is concerned.
i.e in trading A/c , P/L A/C and Balance Sheet.
05 June 2011
Two options available
1-Just down the valuation, generally closing stock not routed through JV.
2-If routed then pass the following entry
Trading A/c Dr
To Closing Stock ( Current Asset Group )
1-Just down the valuation, generally closing stock not routed through JV.
2-If routed then pass the following entry
Trading A/c Dr
To Closing Stock ( Current Asset Group )
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