What is the opening stock journal entry?
Answers
In the Trading A/C. :
Trading A/C. Dr. Rs.xxx
To Opening Stock A/C. Rs.xxx
(Being Opening Stock shown in he trading A/C )
Trading A/C. Dr. Rs.xxx
To Opening Stock A/C. Rs.xxx
(Being Opening Stock shown in he trading A/C )
Explanation:
In this given question journal entry for opening stock would be as given above. This journal entry would be recorded in the beginning of the accounting year due to the fact that opening stocks of a company e supports or is the best for bringing forward the future recording of transactions in that particular company.
Therefore we debit the trading account as we carry down the opening stock from the trading account, and credit the opening stock to complete the transaction .
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