Lecture-12- Financial Statements with Adjustments (Part-1)

[@nilesh8481]

Double treatment Item: 1. Closing Stocks-assets 2.Outstanding Expenditure -liabilities/debit(e.g salary) 3.Prepaid exp --assets/Debit (e.g Adv,insurance pre) 4.Accrued Income (occurred Income not yet received) .e.g. Int on investment--Credit/Assets 5.Income received in advance- liabilities/credit 6.Depreciation --Debit/Liabilities

[@hbctrading6427]

Thanks Sir