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.

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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