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Question

If the closing stock is shown in the trial balance, it means___


  1.  Adjustment for the closing stock is yet to be done.

  2.  None of the above

  3.  Adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of the balance sheet only.

  4.  Adjustment for the closing stock has already been done and it will be shown in trial balance only.


Solution

The correct option is C

 Adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of the balance sheet only.


If the closing stock is shown in the trial balance, it means the adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of balance sheet only.

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