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Partner's Capital Accounts

Select the mo...

Question

Select the most appropriate alternative from those given below:
Opening Stock is entered in a Trading a/c on the _______ side.

A

credit

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B

debit

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C

Assets

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D

Liabilities

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Solution

The correct option is B debit
Trading account is prepared to know the profit earned by the firm through the trading activity. Trading account is prepared by considering only direct expenses. Gross Profit depicts the direct profit earned by the firm through trading of goods.

Trading Account
Particulars Amount Particulars Amount
To Opening Stock 10000 By Sales 30000
To Purchases 30000 By Closing Stock 10000
To Wages 5000 By Gross Loss 10000
To Direct Expenses 5000
--------------- ---------------
50000 50000
---------------- ----------------
Opening Stock is entered in debt side of trading account.

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