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keano43


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Journal as mind has gone blank
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Hi Wondered if you could help, my mind has gone completely blank.

I have a stock figure in 1001 i.e. for £20k, but as the company i am working for is winding down, we have no stock left at all.

How do i clear this figure down to zero using a journal?

Sorry if its a dumb question, much appreciate your help



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Robert Pearce


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The journal would be:

CR Stocks (1001)  £20,000

DR Cost of sales    £20,000

If you're using Sage, then you could debit 'Opening stock' (5200).



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Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.
keano43


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Thanks Robert really appreciate that, i knew it was simple but just couldnt get my head around it.



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