Under valuation of opening stock

This query is : Resolved

(Querist)
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20 December 2014
Dear sir,

I Can Know the Reasons for Under valuation of Opening stock

Last year 2012-13 Closing Stock 50 Lakhs in 2013-14 Opening stock was 46 Lakhs

when i was Valuating Closing stock there was a stock was Received from an Vendor 4 Lakhs for Which we have Not Received a Purchase Bill in March Last week of supply by the Vendor but it was Recived in First WEEK OF aPRIL 2013

actual Purchase was 24 Lakhs + 4 Laks ( Last year Material Purchase)

Total Purchases in 2013-14 Was 28 Lakhs

So Opening Stock was 46

Need UR opinion Whether it was Rectified

Rupesh Jain

Rupesh Jain (Expert)
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20 December 2014 you have to pass the rectification entry in current year books.

madhu Reddy

madhu Reddy

(Querist)
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20 December 2014 How to Pass Rectification entry

Rupesh Jain

Rupesh Jain (Expert)
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20 December 2014 you have to reduce the purchases and increase the stock.

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