Lesson 10:: Final Account Adjustments

Final Account Adjustments
Caption: Final account adjustments are changes made to a company's financial records at the end of an accounting period to ensure that the financial statements reflect the company's actual financial position accurately. These adjustments include accruals, prepayments, depreciation, bad debts, inventory valuation, accrued taxes, amortization, and provision for warranties. They are crucial for providing an accurate and reliable picture of a company's financial position and performance.
Keywords: final account adjustments, financial records, accounting period, financial statements, accruals, prepayments, depreciation, bad debts, inventory valuation, accrued taxes, amortization, provision for warranties, accurate, reliable.
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[@nitingoel]

23:08 dear Students. I wrongly Subtracted New Provision. The new provision has to be added. Please correct. 21000+8000 = 29000. Keep learning and provide feedback for better learning. 👍👍😊😊

[@Nirmit017]

Thanks u for quick response

[@nitingoel]

@@Nirmit017 My heartly thanks for your kind feedback. Please share the channel among groups to support it to grow fast. 👍👍😊😊

[@mdzeeshan6247]

Thanks Sir For Adjustment

[@BabluSingh-ci8tp]

Thank u sir..mai v puchne ja rha tha yehi baat fir comment me hi pta chal gya...

[@vanshusharma2191]

Sir u r great

[@anjalinetto7152]

Good Evening Nitin Sir,
Sir, You explain everything so very nicely, in a friendly way ,making everything so simple & easy to understand.
I am a 1976 Commerce Graduate so I can understand how you make this sub so very easy for students.
& right now my nephew a Science Gr.is learning Financial Accounts with the help of your lectures.
I am also attending ur lectures with him.Good revision for me also.
Thanks a lots once again.
He is very much enjoying these lecture in Financial Accounting.
Thanks.

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[@hamzahghufran]

Sir ... hats off to your explanation.. thanks a lot for the effort you put to teach us.

[@sthetic_Content]

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[@nri518]

Thanks for simplified all adjustment 🙂

[@syedkhadeerahmed7603]

Thank u sir for teaching in a simple manner👩‍🏫

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[@sonasingh131]

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[@Kayalalit]

You are amazing sir ....I love the way you teach..

[@aveycharms9092]

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[@TheAkanksha2012]

all concepts clear.thank you sir.

[@ranahamza1012]

AoA Nittin Sir.....
Bundle of Thanks 😊....
Apny bohat Achay sy Explain kiya h ...
Again Bundle of Thanks Respected Sir...

[@sahilansari74]

Aap bahut achha padhate hai sir aapka samghhane ka tareeka bahut achha hai thank you for teaching sir

[@Hardtoonz01]

Samjhane not samghhane...after 3 years somebody telling yu .....so don't mistake spelling otherwise yu will have mistake hole years🥰🥰

[@dinkardivedi1525]

Thank you so much Sir for knowledge

[@oppol1392]

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[@shivi2044]

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Thanks sir this video it was very imp for me...
Thanks

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Well Done Sir. Please Keep it up. Thank You

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[@jitendragupta140]

Very good explanation for all.So thanks

[@deepakkumar-cy5nl]

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[@arun58167]

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[@gulsheransari9474]

sir apka trading and profit n loss ka video bahut accha tha

[@Priya_prajapati011]

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[@khushikumari389]

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God bless you.

[@parthbhanushaliofficial]

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Thanku sir mujhe yhe consept 11sai clear nahi ho raha tha aj jakar samajh aya hai thanku sir👍👍

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Thank you so much sir

[@rutu199]

Thank u sir, Really helpful😊

[@SharafatKhan-lt2zf]

Amazing video u made

[@MamtaSharma-ym5tr]

Very very good teacher 😀😀

[@pratikmaske7770]

Sir plz make a video on final account adjustments from book questions plz sir

[@chetnagtak3639]

Very easy to understand 👌👌👌

[@arun0055]

Nice explain sir
Thank you

[@sonubhavsar615]

Thank you sir

[@varshasathe2210]

sir your explanation is very good

[@kaynat5536]

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[@bipinkumaryadav2731]

Very helpful video

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Thankx a lot sir ....

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[@lakshaynagpal23]

Loan to ram @10% (1sep, 2004)/(Debit balance given) book are closing in dec, what to do?

[@ruchiheera1579]

Hi Sir, Indeed the video was very much clear and it the double entry well explained however I have a question. In the text book the same is explained along with journal entry as well. Could you please give any example that how journal entry is made out of the same. Like for reference For closing stock double entry the journal is made like 1.Closing stock ac Dr. to Trading ac Cr. 2. Outstanding expenses it is Concerned expense a/c Dr to Outstanding ac Cr. 3. Prepaid expense Prepaid expense ac Dr to Concerned expense as cr.

[@SunilKumar-hl7yu]

sir provision is part of profit so provision ko b/s k liability side show kiya jata h...

[@goyalboy5435]

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[@samirkarmakar9794]

Please explain ones more the provision for doubtful debts in P&L A/C

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This was really helpful sir. Especially for someone like me, who is not from commerce background.

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Sir im your new subscriber it was very helpfull to me😊😊
Could u plz make a video on partnership final acc 🙏🙏🙏

[@mohitmaddu4851]

🙏 nice explanation

[@mohitmaddu4851]

Thanks master 🙏

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[@AshishKumar-pm4or]

Sir please tell me how to find opening stock and closing stock

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very simplified way i like it

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[@urclientzubair]

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[@rashmitewari7759]

Why we subtracted provision of old debts and new debts in P&L a/c...because that is also our debt and should be added with the above debt? Please explain

[@sakshisheth6811]

Thank you sir. helped me a lot to clear my exams .

[@vishalchaudhary7931]

Thanks

[@azizshekh8337]

Thanks sir 🙏

[@lakshaynagpal23]

Reserve for bad & doubt debts credit bal is given what to do?

[@tirthashakya167]

Sir why provision of doubtful debt is kept in credit balance in trial balance and kept in debit side of profit and loss account

[@habibafunnyvideos8925]

Amazing sir😃😃

[@mahabubmdmamun4096]

@Nitin Sir,
Adjust no 4 unearned.
7. Interest on capital,
And 8. Interest on withdraw. (

[@abhishekparab133]

Sir y u minus prov from pl prov is expcecec for company didn't get plz explain

[@amitkumaryadav2125]

Sir Why closing stock is write in credit side of trading account...

[@sarahrahman1191]

Sir will you please prepare a video for cash flow explaining all 3 activities with examples and illustration too

[@lakshaynagpal23]

Trade expenses acrued, not paid credit bal given what to do?

[@LyricalLoom9813]

Sir,what is custom duty?in which side should i keep it??

[@lakshaynagpal23]

Outstanding wages credit balance is given what to do?

[@singersonuyadavsonaofficia2244]

Tq so much sir

[@jabinavisvakarma]

Sir why do we add money used for erection of machinery in the assets

[@aryasingh8176]

Thanku so much sir 😊😊

[@wildvulture1464]

You are OSM sir ji. My AAO exam is to be conducted soon. Can you please make a video on below mentioned topics i.e. syllabus of AAO exam.
Preparation of Trial Balance
Preparation and analysis of P&L Account
Preparation and analysis of Balance Sheet
Provision for Bad debts/ Depreciation/ Reserves/ Provisions
Bank reconciliation statement
Receipts & Payments Account
Income & Expenditure Account
Single Entry
Correction of Errors.
I will be thankful forever to you.

[@mohitblogs738]

Sir wo jo aupna new provision likha hai na profit and loss a/c me usma aupna ( - ) likhkar ( + ) kar diya hai to wo ( + ) hoga ya fir ( - ) hoga

[@studyismagic]

Love you sir

[@proudtohumanhistory5744]

Very good

[@archanakansha9631]

Sir agr ye adjustment ho tho kya effect hoga
1)Error in bank column of payment side of cash book whereby the column wa under cast by 500 $
2) And omitted to post interest on loan by 450 $

[@riyachaurasiya2165]

Sir aapne profit/loss A/c m new provision m minus ka sign lgya h but kia add h jisse 29000aaya to sir correct ky h (-) ya (+)

[@RohitPatil-uc8hw]

We have to write bad debts, provision for bad debts in balance sheet and profit and loss A/C both

[@thetimeline3993]

sir kisi institute ke students ki fees ka ledger kiske group mai aata hai indirect income?

[@harshvardhanagarwal6786]

sir may i ask if accrued income and income received in advance are the same or diff?

[@KaleemKhan-ou1zl]

Sir agar question me debit side or credit side dono jagah par bad debts poocha to kaisa karna please bataiye na

[@habibafunnyvideos8925]

Sir agar trial balance me land and building...aur...Bank overdraft agaya tho kahan lena hai aur kyun lena hai

[@sandeepdhiwar4799]

Sir ji...doubtful debts dr.and cr.dono trf kis conditions me aata h...?

[@thelotusbeauty6779]

Sir 22:00 me 64800 kaha se aaya ?
Can u please tell ?also debtors me 100000 kaha se aya and profit and loss account me provision ko minus karna ta phir usme add kyu kiya ?

[@ganeshtayde1728]

Dout about bad debt concept
Bad debt ( given in adj)
+.new bad debt(given adj

[@ravikantyadav273]

sir plzake a video on new comany law act 2013 of final account with an adjustment🙏🙏

[@nanditabapari7559]

sir ji investment on govt securities ko assets ke sath aur kisme entry kare

[@shilpinigam2637]

You have mentioned new provision should be less from bad debts in p&l but at last you are showing as add... So what actually we should take as correct

[@umairjawaid6215]

Sir ye financial proforma income statement trading hoti hai ya profit & loss ?

[@kamal3037]

Good evening Sir, very informative session, if I want to join online classes so how do I contact,kindly guide me, thank you

[@girlfromsmalltowndel]

Thanks

[@imranaKausar-sx5ct]

Nice sir 👍