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Hello,how are you guys?
if initially we are given both opening inventory and closing inventory balances in the same trial balance, and then told to draw a corrected trial balance,do we include the closing inventory bal in the corrected trial balance?The trial balance is normally prepared as soon as the bookkeeper has finished, but before the year-end adjustments are put through (the adjustments for inventory, depreciation, accruals & prepayments, and irrecoverable and doubtful debts).
For that reason the trial balance should normally include the opening inventory but not the closing inventory.
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