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Question

Which of the following entries is passed for recording the closing stock, when a firm purchases goods worth Rs. 1,00,000 during the year and records a Sales worth Rs. 85,000.

A
Stock A/c -------- Debit 15,000
To Trading A/c 15,000
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B
Stock A/c -------- Debit 15,000
To Sales A/c 15,000
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C
Trading A/c -------- Debit 15,000
To Closing Stock A/c 15,000
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D
Trading A/c -------- Debit 15,000
To Purchases A/c 15,000
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Solution

The correct option is A Stock A/c -------- Debit 15,000
To Trading A/c 15,000
The entry to be passed in the books for closing stock will be
stock A/c --------------- Debit 15,000
To Trading A/c 15,000
The firm had purchased goods worth RS-1,00,000 and sold Goods worth RS-85,000 hence, goods worth RS-15,000 are still left in the stock and will be transferred to trading account.

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