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Journal entry for adjusting closing stock with purchases?

Updated: 12/9/2022

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∙ 15y ago

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what is entry of closing stock in p & L a/c & balance sheet

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Related questions

What are the types of journal entry?

1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry

How do you record journal entry for purchases?

debit purchases / goodscredit cash / bank / accounts payable

A company starts business on April 12007 It bought 960000 total inventory throughout the year and the closing invent was 30000. Purchases were 900000. What is the journal entry for inventory?

156000

What happens if the adjusting entries to the general ledger are wrong?

You would reverse the journal entry then record the correct entry.

What is the closing journal entry of the wages?

debit wages payablecredit cash

What is the journal entry for purchase returns?

[Debit] Purchase Return [Credit] Purchases

Pass the journal entry for loss by theft?

loss by theft A/c to purchases

What is journal entry for cash purchase?

[Debit] Purchases [Credit] cash / bank

What is the journal entry for goods lost in fire?

debit loss by firecredit purchases

Why are adjusting journal entry prapare?

Adjusting entries are made for different reasons like errors in previous journal entries or adjustment at month end or year end for accruals etc.

What is journal entry of closing stock?

it s transfer to profit and loss account.

Adjusting journal entry to record bad debt?

Debit bad debtsCredit accounts receivable

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