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?
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FAcorrection of errors.
I believe we do not need to include it.. :)
Thanks mr Nishan! hmmm what is the reason for not including it?
11y ago#3The 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.
Thanks mr Moffat!
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