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    umartanoli's Avatar
    umartanoli Posts: 1, Reputation: 1
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    #1

    Mar 8, 2010, 11:53 PM
    How I pass a journal entery for opening stock at the beginning of year
    Spose we purchased some goods amounting to $1,000 for resale purpose, and we sale out the $800 from these goods, now we have $200 goods in stock at the end of a fiscal year. What entery we will pass for these $200 goods.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Mar 9, 2010, 02:23 AM

    Are you using a periodic method?
    kumar1000's Avatar
    kumar1000 Posts: 2, Reputation: 1
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    #3

    Mar 10, 2010, 06:08 AM

    Balance in Closing Stock as on the end of fiscial year : $200
    Opening entry should be on the first day of the current year:
    Opening Stock A/c Dr: $200
    Stock in trade A/c Cr : $ 200
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