Adjusting Closing Stock Figure

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Hi could someone help me.

What journal entries would be needed to adjust the closing stock figure if:
a)The stock figure included stock sold but not yet delivered.

Thanks :?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Adjusting Closing Stock Figure

    Beats me. By 'sold' I take it means invoiced. But how can you invoice someone for stock they haven't received?

    In the real world I would of thought the sale should be reversed and the stock kept in the stock valuation.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Adjusting Closing Stock Figure

    Is your stock figure based on the stock records in the ledger, or based on a physical count?

Categories

Privacy Policy