Opening/closing stock adjustments
Hi I'm hoping someone can help me..
I've got a set of accounts for some coursework and as I'm trying to do this over the easter holiday I'm stuck and need someone to ask!
I pretty much know what I'm doing except for this,
In my trial balance I have stock at 1st jan, then later I have an adjustment to make: closing stock 12,500.
Now I've done my extended trial balance with both opening and closing stock in, which I assume is correct because it balances perfectly.
But how do I put both of them into my balance sheet? e.g. are they two separate current assets, or do I take the closing away from the opening stock, or something completely different? I hope that makes sense because as you can probably tell, I'm a little confused!
Thanks in advance.. lee