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What is the closing entry for outstanding amount?
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Answer Posted / om. maliya
Expenses A/c Dr.
To Payable A/c. Cr.
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closing stock at the end is comprised of %a purchase price of $60000,10% discount and 15% import duty.The stock can be sold for $70000 after incurring costs of $1950.Included in the purchase price is abnormal wastage of $2000.Transportation costs are $1000 and storage costs are $500,what is the value of the closing stock?
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