Hi!
what journal entry will be passed for opening stock to take effect in the mannual books of account.
6 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 04 August 2008
Opening stocks are only carry forwards. For the beginning of the book they have to be brought forward.
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 04 August 2008
There can be no entry for opening stock. They are the closing stock of the previous period now incorporated as opening stock for the current year.
$AcH!n G
(Still Running for My Destination)
(1036 Points)
Replied 05 August 2008
there is no entry for this Because it's a last year Bal. n it is brough frwd to next year.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 22 August 2008
There are no entries for opening and closing balnces in accounts, they are simply carry forward to next year, like that of fixed assets.
pushp palawat
(Management Trainee)
(37 Points)
Replied 22 August 2008
at the beginning of the year, all the assets are debited and liabilities are credited as per their values in the last year's balance sheet. therefore all the accounts are carried forward in the next year. this is called the opening entry.
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