Accounting enteries for inventory stock in trade
This query is : Resolved
14 October 2023
Whatever the purchase made during the year for stock in trade will be shown as expense. Now to pass the closing balance journal entry for inventory account which account need to be credited.
14 October 2023
stock in hand - XXXX
To, Expense A/c - XXXX
(from Expenses (which is already accounted) to transfer Stock Item)
14 October 2023
If this entry will be passed then it will not represent purchase made during the year but rather cost of stock in trade consumed. Moreover the change in inventory of stock in trade(p&l)will also have no significance left.
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