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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Answer Posted / Rajesh Kumar Rajak
To correct the error, you should adjust the opening inventory for 2015-16 by deducting the undocumented purchases made in February and March 2015 from the closing stock of 2014-15 (Rs. 30 lakhs). This adjustment should be recorded as a debit to Purchases for the year 2015-16 and a credit to Stock Inventory. Also, make necessary entries in the Sales and Purchase registers to account for the missing split of stock and adjust the closing inventory accordingly.
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