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A Salary and wages B Trading goods D Stationery items
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Manufacturing Account Trading Account Profit & Loss Account Balance Sheet Trading account is prepared to know the gross profit earned from the trading activity. Opening stock of trading goods to be shown in debit side of trading account. At the end of every financial year, books of account of business are closed to prepare the financial statements. Financial statements consist of the following:
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Which of these is part of opening stock in trading a/c?
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Which of these is part of opening stock in manufacturing a/c?
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Journal entry for transfer of opening stock is -
Trading A/c Dr.
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From the following information, calculate Change in Inventory of Stock-in-Trade: Opening and Closing Stock-in-Trade ₹5,00,000 and ₹4,00,000 respectively.
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In Trading and Profit and Loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year.
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