Hello friends,
I have seen balance of closing stock in trail balance. My question in this regard is how it can be shown in Trail Balance?
And if there is need to pass an entry, then what entry it should be?
And reason behind doing so?
URGENT!!!!!!
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closing stock
Replies (3)
At the time of finalsization of accounts entery of only those transaction for which there is adjustment.If closing stock appears in TB (trial balance ) then there is no need to pass journal entery
as karan told is correct
ITEMS APPEARING IN TRIAL BALANCE MEANS DOUBLE ENTRY COMPLETED, ALREADY ADJUSTED IN PROFIT AND LOSS ACCOUNT.THEREFORE NO NEED TO ADJUST AGAIN IN THE PROFIT AND LOSS ACCOUNT. AS ONLY BALANCE SHEET ADJUSTMENT IS REMAINING DIRECTLY ADJUST IT IN THE BALANCE SHEET.
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