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]

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[@mdzeeshan6247]

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

[@SunilKumar-hl7yu]

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

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

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[@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.

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

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[@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

[@RohitPatil-uc8hw]

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

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[@abhishekparab133]

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

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[@sandeepdhiwar4799]

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

[@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

[@zaheeralam8357]

Thank u

[@lakshaynagpal23]

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

[@girlfromsmalltowndel]

Thanks

[@shivamsanwal5950]

Sir machinery trading aaygi or uska depreciation substrat balance sheet ke sath sath trading m bhi hoga

[@jabinavisvakarma]

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

[@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 (+)

[@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

[@VISHNU_YT444]

thank u sir

[@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 ?

[@amitkumaryadav2125]

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

[@harshvardhanagarwal6786]

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

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[@heyyou1080]

Sir rent aur health premium ko q nhi lete h p&l account ya trading account me ?

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[@nitingoel]

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[@LyricalLoom9813]

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

[@monicamonica9011]

How to make a close entry, please make a video, ...Thanks

[@nikitachalotra6519]

Respected sir
We have added the new provision becoz it our loss.
We have subtracted the old why
Plz explain

[@nitingoel]

Old is to Cover the loss.

[@lakshaynagpal23]

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

[@gurpreetsudan693]

Awesome

[@vaibhavchuroria396]

Which book should i follow...can u suggest me for bcom 1st year...

[@umairjawaid6215]

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

[@rishisharma1383]

The new provision is added in loss but the -ve sign is used. This was bit confusing but it is understandable that we have to add a new provision in loss - So as per the question, the Balance sheet balance is 64800, the Net loss =21000=8000=7200=36200, Hence 64800+36200=100000 = Total Debtors.

[@rishisharma1383]

i mean 21000+8000+7200=36200

[@mohitblogs738]

Sir Profit and loss a/c me aupna provision for do doubtful debt ko ( - ) likhkar ( + ) kar diya hai aupna

[@nanditabapari7559]

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