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Closing Stock (Assets, Balance Sheet) A/C Dr. -----
Trading or P/L A/C Cr. (Expenses, Trading or P/L) A/C -----
The Dr. entry of the closing stock will remain as assets in
inventory and will be carried forward to next year where as
Cr. entry will be deducted [opening stock+purchase-closing
stock (trading)] as like expenses in Trading or P/L A/c and
not will be carried forward to the next year.
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Stock only needs to be one account (not both Opening and Closing accounts).
Post it's balance to P&L (Cost Of Sales) as "Opening Stock".
Journalise the new Stock figure as a credit "Closing Stock" to P&L (Cost Of Sales)
and debit the Stock account.
Calculate Cost Of Sales as above.
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∙ 13y ago
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What is journal entry of closing stock?
it s transfer to profit and loss account.
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is the journal entry of the opening stock?
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
Does a stock split require a journal entry?
Stock split require no journal entry rather memorandum entry is required about transaction.
What is the closing journal entry of the wages?
debit wages payablecredit cash
Journal entry for adjusting closing stock with purchases?
what is entry of closing stock in p & L a/c & balance sheet
What is journal entry of closing stock?
it s transfer to profit and loss account.
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is the journal entry of the opening stock?
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
Where do you show closing stock in journal?
Debit : Closing Stock a/c
Does a stock split require a journal entry?
Stock split require no journal entry rather memorandum entry is required about transaction.
What is the closing journal entry of the wages?
debit wages payablecredit cash
What is the journal entry in the increase of authorized capital stock?
debit Unissued Common Stock credit Authorized Common Stock
How do you get the stock dividends in a journal entry?
debit stock dividendcredit dividend income
What is the Journal entry for opening stock?
don t known
What is the journal entry for theft of stock?
debit theft of stockcredit inventory / stock account
What are the double entries for closing stock at the end of a financial year?
double entry for closing inventory?
