Respected Expert,
Please guide me to pass the entry of disclosed excess stock during the course of Survey. The entry effect in ledger and inventory and clear where the effect reflected. Kindly guide me how passed the entry.
Thanks
Rakesh
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Accounting entry
Replies (1)
Disclosed stock/stock a/c Dr.
To Other Income
The other income will go to P&L a/c which will eventually increase the capital. The inventary will increase with the same quantum. Thus the balance sheet will tally.
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