treatment of overvalued closing stock while calculating goodwill
Answers
Answered by
0
Answer:
(a) Closing stock was overvalued by Rs. 4,000. (b) A sale of Rs 2,300 was recorded in Sales Day Book as Rs 3,200 though it was rightly posted in Sales Account. ... Show necessary journal entries to rectify the errors, prepare a Profit and Loss Adjustment Account and the Balance Sheet after the rectification.
Similar questions