- This topic has 4 replies, 3 voices, and was last updated 10 years ago by
.
Viewing 5 posts - 1 through 5 (of 5 total)
- Posts
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.
Viewing 5 posts - 1 through 5 (of 5 total)
- You must be logged in to reply to this topic.