closing stock oppetring in trial balance is taken to
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Closing stock is the balance of unsold goods that are remaining from the purchases made during an accounting period. The value of total purchases is already included in the Trial Balance . If closing stock is included in the Trial Balance , the effect will be doubled. Hence, it will not reflect in the Trial Balance.
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Answer: If closing stock is given in the trial balance,it will be shown on the asset side of the balance sheet & if it is given in the adjustment it has double effect it will shown on the credit side of trading account and asset side of balance sheet
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Note:
- If an item appear in trial balance it has single effect on financial accounts
- If an item appear in adjustment it has double effect on financial accounts
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