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Question
Closing stock is on the credit side of the ______ and also in ______.
Options
Trading account, profit and loss account
Profit and loss account, trading account
Profit and loss account, balance sheet
Trading account, balance sheet
MCQ
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Solution
Closing stock is on the credit side of the Trading account and also in balance sheet.
Explanation:
Goods that remain unsold at the end of an accounting period are known as closing stock. They are valued at the end of an accounting year and shown on the credit side of a trading account and the asset side of a balance sheet.
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