Accountancy, asked by shikharcool1892, 5 months ago

When closing stock of privious year is overvalued

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Answered by Adityasinghh75

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The actual value of closing stock of previous year is Rs. 20000 overvalued at Rs 70000, the value of credit side total will increase and the gross profit will increase. For the current year previous year closing stock is the opening stock and is debited in the trading account.

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