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Month end closing entries with example
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Answer / ravishankar
for Expenses: Profit and loss a/c Dr
TO Expenses
for Incomes: Incomes a/c Dr
To profit and loss a/c
for assets&: Liabilities transferred to Balance sheet
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My question is on Opening & Closing Stock Suppose Closing stock of 2014-15 is Rs 30 lakhs & Also we filed return & ROC too for 2014-15. Opening stock for 2015-16 should be Rs 30 lakhs but we found that some purchase for feb & March 2015 Stock has been entered in tally Its taken directly to purchase split of stock not made & in sales to same of 2 lakhs no split of stock is shown. Those stock need to make changes in 2015-16 what was the process ? And what will be adjustment entry ?
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