An interview was going on in a company
for the post of Accountant. A candidate appeared for the interview and the
Accounts Manager of the company was taking the interview. The Accounts Manager
asked following question to the candidate.
Accounts Manager: Can you tell me what will be the journal entry for goods distributed as free samples?
Candidate: Yes Sir, it will be
Sales Promotion Expenses A/c Dr.
To Closing Stock
Accounts Manager: Why do you think that closing stock should be credited?
Candidate: Because the distributed goods will be taken from stock.
Accounts Manager: No, you are wrong. The correct entry will be
Sales Promotion Expenses A/c Dr.
To Purchases
In the above case, the answer given by the
candidate was wrong. Many candidates appearing for the interview for
Accountant’s position don’t know simple entries of finalization. A talented
accountant is the one who has complete knowledge of finalization. Therefore, accountants
should always revise their knowledge.
Informative and creative blog.
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