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Can closing stock of current year be present in tht Trial
Balance of said year...????
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Answer Posted / suyog
firstly understand why it is not in trial balance
1.we haven't open closing stock account in our books of
accounts. so, it will not reflect in trial balance.
2.the effect of clo. st. and gross profit remains in trial
balance because of opening stock + purchases-sales
3.but to know true profitability of business closing stock
is taken from stock ledger i. we can take closing stock in
TB if adjust it with purchases
| Is This Answer Correct ? | 22 Yes | 1 No |
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