@Grandpa - have you read this topic Inventory accounting using Opening Stock + Purchases - Closing Stock
If at 1/4/19 you entered a Starting Balance for the Stock on Hand as 1916.76, then the Journal you displayed above as at 31/3/20 is correct. The first two lines, transfers that start of the year BS > Stock on Hand (1916.76) to the P&L > Opening Stock at the end of the year (31/3/20) so that your “total inventory” in the P&L at the year end (31/3/20) becomes Opening Stock + Purchases. From this “total inventory” you transfer back to the BS > Stock on Hand your year end (31/3/20) inventory valuation (2048.25) being the Closing Stock using the second two lines.
That sounds correct. Lets insert dates and values into that statement for clarity.
However when I use this “Journal” date (31/3/20) the Stock on hand (2028.25) for the “old financial year” (31/3/20) is the same as the “new financial year” (1/4/20) in the balance sheet.
Your journal has replaced the 1/4/19 Stock on Hand (1916.76) with the 31/3/20 Stock on Hand (2048.25). So between one minute to midnight on 31/3/20 (2048.25) and one minute past midnight on 1/4/20 (2048.25) nothing has changed.