OPENING STOCK ISSU

Question

Dear All
One of my client had feeded the opening stock at wrong unit price,now he realised that,so to rectify i suggest him to nullfy the entry by entering qty in minus with same wrong unit price but here it is considering the current cost even giving the unit price manually in opening stock.
I kindly suggest hw to resolve this.
Regards
M Auditya

Answer 1

Hi Auditya,
    You can see the JE of First time entered Opening Balance, Also you can see JE which you had rectified by Minus Qty.
    There should be one Inventory G/L, It was Debited at first OB transaction by 100 INR,
    And second should be Suspense G/L, It was Credited by 100 INR,
Now,
    When you rectified OB by minus Qty. at that time bellow JE may be done,
     Suspense A/c. was Debited by 110 INR
     And Inventory A/c. was Credited by 110 INR,
So you have to pass one manual JE with reference to above transaction like -
     Suspense A/c. will Credited by 10 INR and Inventory A/c. will Debited by 10 INR
After that all now you have to add new actual OB for that item
Regards,
Siddique Shaikh.