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closing Inventory

This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.

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August 31, 2016 at 7:01 pm #336622
Xairie
Member
- Topics: 41
- Replies: 42
I ve encountered this very entry quite a few times:
Closing inventory(Dr)
Income Statement(Cr)
Well i do understand that it is the transferring entry.. .. Yet to understand the logic behind it.. Could you please help me on that?
September 1, 2016 at 6:55 am #336696
John Moffat
Keymaster
- Topics: 57
- Replies: 54478
I go through the entries, and explain the logic, in my free lectures on inventory – I cannot type out all my lectures here 🙂
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