CBSE Class 11-commerce Answered
what are the key points to be remembered while doing adjustments in preparation of financial statements?
Asked by jhakanishka480 | 20 Dec, 2019, 12:32: PM
Expert Answer
There are a number of transactions relating to incomes or expenses which are for some reasons not recorded or require some adjustments in the books of account. Therefore, such incomes or expenses are to be considered and brought into the books at the time of finalizing or closing the books of account to ensure a proper and reliable set of financial statement are available. Such items and their treatment is termed as Adjustments. The entries passed for incorporating such adjustments are known as Adjustment Entries.
Important points to be remembered for all such adjustments are systematically provided in our revision notes at the below mentioned link:
Answered by Surabhi Gawade | 20 Dec, 2019, 02:17: PM
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