Journal Entry for stock in hand
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We arrive at the gross profit after considering stock,cost of good sold,sales,purchase,all direct and unavoidable expenses...So it is moreover like a transfer entry.. The Entry will be...
Closing stock a/c Dr. xxxx
To Trading a/c xxxx
(Being closing stock transfered to the trading account)
Closing stock a/c Dr. xxxx
To Trading a/c xxxx
(Being closing stock transfered to the trading account)
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