State whether the following statements are True or False.
In Trial balance Opening Stock is recorded in credit balance column.

True

No worries! We‘ve got your back. Try BYJU‘S free classes today!

False

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B False
Opening stock is an asset for the business. Therefore, it should appear on debit column of trial Balance.

Suggest Corrections

Similar questions

State true or false:

1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.

Q. State whether the following statement is True or False.
In trial balance purchases returns are recorded on Debit side.

Q. State whether the following statement is True or False.
Debit balance on ledger account is shown in debit column of the trial balance.

Q. State whether the following statement is True or False.
Capital balance is not included in a trial balance.

Q. State whether the following statements are True or False.
A Trial balance is most important document.

Join BYJU'S Learning Program

State whether the following statements are True or False.In Trial balance Opening Stock is recorded in credit balance column.

The correct option is B FalseOpening stock is an asset for the business. Therefore, it should appear on debit column of trial Balance.

State whether the following statements are True or False.
In Trial balance Opening Stock is recorded in credit balance column.

The correct option is B False
Opening stock is an asset for the business. Therefore, it should appear on debit column of trial Balance.