Unit-19 Final Accounts with Adjustments

This unit teaches how to prepare final accounts when you are given a Trial Balance along with some adjustments.

If you find an item in adjustment stating that the proprietor took away goods costing Rs. 1500 for personal use, how would you deal with it in the final accounts.

Following figures relate to a firm:

Following is an extract from the Trial Balance of a trader:

Work out interest outstanding and explain how you will show it in final accounts. His accounting year ends on March 31, 1988.

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Following is an extract from the Trial Balance of a trader:

Work out interest outstanding and explain how you will show it in final accounts. His accounting year ends on March 31, 1988.

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Learning Pundits Content Team
Written on Jun 26, 2019 12:25:08 PM

Interest is Rs. 600

i.Add to interest on loan on debit side of Profit and Loss Account, and

ii.Show it on the liabilities side of the Balance Sheet under current liabilities

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Unit-19 Final Accounts with Adjustments

Following is an extract from the Trial Balance of a trader:

Work out interest outstanding and explain how you will show it in final accounts. His accounting year ends on March 31, 1988.

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Learning Pundits Content Team
Written on Jun 26, 2019 12:25:08 PM

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Unit-19 Final Accounts with Adjustments

Following is an extract from the Trial Balance of a trader:Work out interest outstanding and explain how you will show it in final accounts. His accounting year ends on March 31, 1988.

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Following is an extract from the Trial Balance of a trader:

Work out interest outstanding and explain how you will show it in final accounts. His accounting year ends on March 31, 1988.