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What include closing stock if it is given in trail balance or given in adjustments?
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What include closing stock if it is given in trail balance or given in...
What to Include in Closing Stock in Trial Balance or Adjustments
When Closing Stock is Given in Trial Balance:
- In trial balance, closing stock is included as an asset on the credit side.
- It represents the value of unsold goods at the end of the accounting period.
- Closing stock is crucial for determining the cost of goods sold and calculating the gross profit.
- It is carried forward to the next accounting period as the opening stock.
When Closing Stock is Given in Adjustments:
- If closing stock is given in adjustments, it means that it was not included in the trial balance.
- It needs to be added to the trading account to calculate the correct gross profit.
- Closing stock in adjustments may be used to adjust errors or omissions in the trial balance.
- Adjusting closing stock helps in presenting accurate financial statements.
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What include closing stock if it is given in trail balance or given in adjustments?
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What include closing stock if it is given in trail balance or given in adjustments? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What include closing stock if it is given in trail balance or given in adjustments? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What include closing stock if it is given in trail balance or given in adjustments?.
What include closing stock if it is given in trail balance or given in adjustments? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What include closing stock if it is given in trail balance or given in adjustments? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What include closing stock if it is given in trail balance or given in adjustments?.
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