Why we show always closing stock in credit?
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Answer Posted / ketaki
Closing stock inclues raw material, WIP & finished goods.
In totality it reflects the amount of unrealised sales
during the year. That's why it shows credit side of Trading
A/c & untill it turns in sale it is asset of company so its
second effect goes to current asset as stok in hand.
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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