Just after some advice. I have almost completed the mock for BA4 and found it relatively straight forward - except for the entering of opening and closing stock
This isn't entered in the initial trial balance (only 1001 stock is) but what would be correct process for putting the opening and closing stock in so that all accounts are on the final trial balance with the closing stock as the new 1001 stock figure? I used the wizard on Sage but this just put a calcuated amount in
It's baffling me and frustrating as the rest of it I have had no real problem with! I've read through my study pack from my provider again and again but can't seem to find any info
Igot the balance sheets to match the model answers eventually but this was after creating journals to credit the stock account and debiting the opening stock and then the reverse to enter stock and closing stock - but this just doesnt seem right?
Would be grateful for any feedback/advice!