End of Year Adjustments in Profit and Loss Account
Financial Accounting SSS1 Third Term
WEEK 3
End of Year Adjustments in Profit and Loss Account
Performance Objectives
- Understanding the End of the Year Adjustment in Profit and Loss Accounts
- Reasons for the End of the Year Adjustment
Content
These are adjustment which is made in the profit and loss account and balance sheet, this will ensure that the final accounts of an organization show the true view of their transaction, they are closing adjustment or amendment made in the book at the end of the accounting period in order to match revenue with expenses. this will show an accurate picture of the accounts. they are shown as additional information after the trial balance.
The Profit and Loss Account starts with the credit from the Trading Account in respect of gross profit (or debit if there is gross loss). Thereafter, all.... View More
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- Preparation of Bank Reconciliation Account
- Preparation of Bank Reconciliation when there is Bank Overdraft
- End of Year Adjustments in Profit and Loss Account
- Provision for bad Debt and Provision for Discount Allowed and Received
- Bad Debts Recovered
- Depletion of Fixed Assets
- Straight Line and Reducing Balance Methods of Depreciation
- Treatment of Depreciation in Profit and Loss Accounts and Balance Sheet
- Chapters 8
- Category SSS1
- Author ClassNotes Edu
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