it s transfer to profit and loss account.
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..
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
Stock split require no journal entry rather memorandum entry is required about transaction.
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. ============================== 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.
debit wages payablecredit cash
what is entry of closing stock in p & L a/c & balance sheet
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..
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
Debit : Closing Stock a/c
Stock split require no journal entry rather memorandum entry is required about transaction.
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. ============================== 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.
debit wages payablecredit cash
debit Unissued Common Stock credit Authorized Common Stock
debit stock dividendcredit dividend income
don t known
debit theft of stockcredit inventory / stock account
double entry for closing inventory?