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Issue in closing stock
how to treat loss in closing stock value to opening stock of next financial year.
Replies (1)
simply we should pass adjustment entry during the current year.
loss in closing stock will affect on decrease in stock and profit.
after finalisation of the previous years books, we should pass the adjustment entry during the current year.
i.e. previous year profits to be reduce and reduce the opening stock.
Profit and loss adjustment a/c dr.
To Opening stock a/c
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