Question

opening stock where we show in balance sheet​

Answer 1

Answer:

Beginning inventory is an asset account, and is classified as a current asset. Technically, it does not appear in the balance sheet, since the balance sheet is created as of a specific date, which is normally the end of the accounting period, and so the ending inventory balance appears on the balance sheet.

Answer 2

Answer:

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Opening stock a/c Dr. After the above entry is posted to the various assets & liabilities accounts at the beginning of the year, the opening stock account will show a debit balance. Entry for transferring opening stock at the end of the year will be: Trading a/c Dr.

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