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CBSE Class 11-commerce Answered

Why Closing Stock Is Written In The Cr. Side Of Trading Account..?

Asked by nirbhayganatra36 | 02 Feb, 2020, 07:11: PM

Expert Answer

Closing Stock is the amount of stock of unsold goods, i.e., raw material, semi-finished, finished goods or goods traded in at the end of the current accounting period. It is taken and valued at the year end and is shown on the credit side of the Trading Account. It is valued as per the Convention of Conservatism, according to which it is valued at cost or Net Realisable Value whichever is less.

Answered by Surabhi Gawade | 03 Feb, 2020, 09:35: AM

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CBSE 11-commerce - Accountancy

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CBSE 11-commerce - Accountancy

11. A sold goods to B for Rs.4,000 and drew a bill for the amount due. B after giving his acceptance returned the bill to A. A discounted it form his bank for Rs.3,900. On due date, bill returned dishonoured and bank paid Rs.50 as noting charges. After one week B paid the full amount of the bill including the noting charges. Give journal entries in the books of A only.

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CBSE 11-commerce - Accountancy

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