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Question No 08 Chapter No 11
Treatment of Closing stock
8. From the following , prepare trial balance as on March,31,2018
| Ledger Account | Balance Rs | Ledger Account | Balance Rs |
| Coat of goods sold | 1,50,000 | Opening stock | 60,000 |
| Closing stock | 40,000 | Salaries | 15,000 |
| Debtors | 60,000 | Office expenses | 5,000 |
| Creditors | 30,000 | Sales | 2,00,000 |
| Fixed assets | 50,000 | Capital | 90,000 |
| Trail Balance A/c | |||
| Particulars |
J.F. | Debit | Credit |
|---|---|---|---|
| Coat of goods sold | 1,50,000 | ||
| Closing stock | 40,000 | ||
| Debtors | 60,000 | ||
| Creditor | 30,000 | ||
| Fixed assets | 50,000 | ||
| Office expenses | 20,000 | ||
| Sale | 2,00,000 | ||
| Capital | 90000 | ||
| 3,20,000 | 3,20,000 | ||
(i) Opening stock is already adjusted in cost of goods sold .Hence, not taken in Trial balance.
(ii) Closing stock is taken in trial balance when adjusted purchases or cost of goods sod is given
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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