Gursale sir final accounts adjustment
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This document discusses 15 adjustments that are made when preparing the final accounts for a partnership. These include adjustments for closing stock, outstanding wages, prepaid/accrued expenses and income, depreciation, goodwill written off, partner's salaries and interest on capital, drawings by partners, and interest on partner's drawings. For each adjustment, journal entries are provided to record the impact on the trading account, profit and loss account, and partner's capital accounts, as well as their effect on the balance sheet figures.
Gursale sir final accounts adjustment
- 1. BOOK KEEPING & ACCOUNTANCY PARTNERSHIP FINAL ACCOUNTS (Adjustments & their effects) Ajay Janardan Gursale. ( M.Com.B.Ed.) 1
- 2. 1. CLOSING STOCK DR. Trading A/c Particulars Amt Cr. Particulars By Closing Stock Amt. **** Balance sheet Liabilities Amt. Assets Closing Stock Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. **** 2
- 3. 2. OUTSTANDING WAGES DR. Trading A/c Particulars Amt To Wages *** Particulars Amt. **** Add : Outstand. wages Cr. **** Balance sheet Liabilities Outstanding Wages Amt. Assets Amt. *** Ajay Janardan Gursale. ( M.Com.B.Ed.) 3
- 4. 3. PREPAID / ADVANCE FACTORY RENT DR. Trading A/c Particulars To Factory Rent Less : Prep./ Adv. Rent Amt Cr. Particulars Amt. **** *** **** Balance sheet Liabilities Amt. Assets Prepaid Factory Rent Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. *** 4
- 5. 4. OUTSTANDING SALARY(Exp.) DR. Profit & Loss A/c Particulars To Salary Add : outstand. Salary Amt Cr. Particulars Amt. **** *** **** Balance sheet Liabilities Outstanding Salary Amt. Assets Amt. *** Ajay Janardan Gursale. ( M.Com.B.Ed.) 5
- 6. 5. PREPAID INSURANCE (Exp.) DR. Profit & Loss A/c Particulars To Insurance Less : Prepaid Insurance Amt Cr. Particulars Amt. **** *** **** Balance sheet Liabilities Amt. Assets Prepaid Insurance Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. *** 6
- 7. 6.Deffered Advertisement Exp. DR. Profit & Loss A/c Particulars Amt To Advertisement Exp **** Particulars Amt. **** Less : Deff.Advt.Exp Cr. *** Balance sheet Liabilities Amt. Assets Deferred Advt. Exp Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. **** 7
- 8. 7. Outstanding / Accrued Income DR. Profit & Loss A/c Particulars Amt Cr. Particulars Amt. By Interest Recd **** Add : O/stand Int. *** **** Balance sheet Liabilities Amt. Assets Outstanding Interest Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. *** 8
- 9. 8. Advance Income DR. Profit & Loss A/c Particulars Amt Cr. Particulars To Income Less : Adv. Income Amt. **** *** **** Balance sheet Liabilities Advance Income Amt. Assets Amt. *** Ajay Janardan Gursale. ( M.Com.B.Ed.) 9
- 10. 9. Depreciation on Machinery DR. Profit & Loss A/c Particulars To Depre. On Machine. Amt Cr. Particulars Amt. *** Balance sheet Liabilities Amt. Assets Machinery Less : Depreciation Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. **** *** **** 10
- 11. 10.Goodwill Written off. DR. Profit & Loss A/c Particulars To Written off Goodwill Amt Cr. Particulars Amt. *** Balance sheet Liabilities Amt. Assets Goodwill Less : Written off Ajay Janardan Gursale. ( M.Com.B.Ed.) Amt. **** *** **** 11
- 12. 11. Accrued Interest on Loan Given (Asset) DR. Profit & Loss A/c Particulars Amt Cr. Particulars Amt. By Accrued Interest *** Balance sheet Liabilities Amt. Assets Amt. Loan Given to Others **** Add : Accrued Interest *** Ajay Janardan Gursale. ( M.Com.B.Ed.) **** 12
- 13. 12. Salary to Partners DR. Profit & Loss A/c Particulars Amt To Salary to Partner A *** Particulars Amt. *** Salary to Partner B Cr. Dr. **** Partners Capital A/c Particulars A B Particulars By P & L A/c Cr. A *** B *** ( Salary to Partner) Ajay Janardan Gursale. ( M.Com.B.Ed.) 13
- 14. 13.Interest on Capital (Expenses of Business) DR. Profit & Loss A/c Particulars Amt To Interest on Capital A *** Particulars Amt. *** Interest on Capital B Cr. Dr. Particulars **** Partners Capital A/c A B Particulars By P & L A/c Cr. A *** B *** ( Interest on Capital to Partner) Ajay Janardan Gursale. ( M.Com.B.Ed.) 14
- 15. 14. Drawing of Partners DR. Trading A/c Particulars Amt Cr. Particulars Amt. By Goods withdrawn by *** Partners A & B Dr. Particulars To Drawing a/c *** Partners Capital A/c A B *** Particulars **** Cr. A B *** Ajay Janardan Gursale. ( M.Com.B.Ed.) 15
- 16. 15.Interest on Drawing of Partners (Income of the Business) DR. Profit & Loss A/c Particulars Amt Cr. Particulars Amt. By Interest on Drawing A Interest on Drawing B Dr. *** *** Partners Capital A/c Particulars To Interest on Drawing a/c A B *** Particulars *** Cr. *** Ajay Janardan Gursale. ( M.Com.B.Ed.) A B 16