Consider the following statements:
A credit purchase during the accounting year which was not recorded in the books of account but included in the closing stock is to be:
I. added to the credit purchases account
II. added to the creditors account
III. subtracted from the closing stock
IV. added to the opening stock
Which of the statements given above is/are correct?
A. III only
B. I and II
C. II and III
D. II, III and IV
Answer: Option B
This Question Belongs to Commerce >> Accounting
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