Final Accounts

Financial Statement (Without Adjustments)

  • The Financial Statements provide a summary of the accounts of a business enterprise, the Balance Sheet reflecting the assets, liabilities and capital as on a certain date and the Income Statement showing the result of operations during a .... Read More

Financial Statement (With Adjustments - 1)

  • While preparing Financial Statements, it needs to be ensured that items of income and expenditure which do not pertain to the current accounting period, should not be included.
  • If some of these items have been included in the financial statements these must be .... Read More

Financial Statement (With Adjustments - 2)

  • Charity in the form of goods is debited to Profit and Loss account and also reduced from the amount of purchases. Sometimes goods are distributed as free samples for advertising purpose. This will increase the advertising expenses and red .... Read More

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