Give the closing entries to enter the following balances in the final Accounts. Opening Stock Rs.10000 Carriage Rs. 1000 Purchase Return Rs. 2000 Closing Stock Rs. 3000 Gross loss Rs.5000 Net Profit Rs.3000
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Answer:
Explanation:
- Trading a/c dr. 11,000
To Inventory a/c cr. 10,000
To Carriage a/c cr. 1,000
( being the transfer of opening
stock and carriage to trading
account)
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- Purchase return a/c dr. 2,000
To purchase a/c cr. 2,000
( returned goods to creditor)
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- Inventory (closing) a/c dr. 3,000
To Trading a/c cr. 3,000
(being the transfer of closing stock
to trading account)
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- Trading a/c dr. 5,000
To Gross loss a/c cr. 5,000
(transfer of gross loss)
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- Profit and loss a/c dr. 3,000
To Capital a/c cr. 3,000
(Transfer of net profit to capital a/c)
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