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Question
From the following information, calculate Change in Inventory of Stock-in-Trade: Opening and Closing Stock-in-Trade ₹5,00,000 and ₹4,00,000 respectively.
Ledger
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Solution
NOTES TO ACCOUNTS
|
Note No. |
Particulars |
Amount (Rs) |
|
|
(a) |
Stock-in-Trade |
|
|
|
|
Opening Inventory |
5,00,000 |
1,00,000 |
|
|
Less: Closing Inventory |
4,00,000 |
|
|
|
|
1,00,000 |
|
Rs 1,00,000 will be shown in the Statement of Profit and Loss against Change in Inventories of Stock-in-Trade.
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