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If Trial Balance given in MCQ, should i assume figures in Trial Balance is before adjustment or after adjustment?
Thanks
That’s a tricky one. Your examiner calls a trial balance as one that is after the closing inventory adjustment but technically that’s incorrect
Accept it that the trial balance is AFTER closing inventory has been accounted for.
If he tells you cost of sales, that’s after.
If he tells you an amount for purchases, that’s BEFORE closing inventory has been accounted for
Ok?
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