Question

whether is true or false closing stock appearing in trial balance is at 56000 on 31 march 2019 and market value on that date is 66000 in that case 56000 must be recorded as value of closing stock in the final accounting​

Answer 1

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Answer 2

Answer:

If closing stock appeared in Trial balance it means the purchases has been reduced to the extent of stock amount at the end of the period. The accounting treatment will be closing stock to be shown in Balance sheet under current assets and it should not be credited to Trading a/c.