UrbanPro

Take BCom Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Search in

What are adjustment entries?

Asked by Last Modified  

Follow 0
Answer

Please enter your answer

Adjusting entries are usually made on the last day of an accounting period (year, quarter, month) so that the financial statements reflect the revenues that have been earned and the expenses that were incurred during the accounting period.
Comments

Consutancy Trainer

Adjustment word means to adjust. So broadly it is called. Party pays advance on raising a sale bill the advance is adjusted, The entry passed is called adjustment also.Similarly transfer of amount from one personal account to another personal or one real account to another real account is also called...
read more
Adjustment word means to adjust. So broadly it is called. Party pays advance on raising a sale bill the advance is adjusted, The entry passed is called adjustment also.Similarly transfer of amount from one personal account to another personal or one real account to another real account is also called adjustment. These entries need not be passed only on last day but anytime of the year. read less
Comments

Commerce Hub

Adjustment entries are passed for the following reasons : 1. To provide for accrued, unaccrued incomes & outstanding & prepaid expenses respectively at the end of the year to conform to ACCRUAL fundamental assumption of accountancy. 2. To rectify the errors of previous accounting periods in current...
read more
Adjustment entries are passed for the following reasons : 1. To provide for accrued, unaccrued incomes & outstanding & prepaid expenses respectively at the end of the year to conform to ACCRUAL fundamental assumption of accountancy. 2. To rectify the errors of previous accounting periods in current accounting period. 3. To give effect to change in accounting policies having retrospective effect on the financial records. read less
Comments

they are the entries which are to be made directly in final accounts, that is trading and profit & loss account and balance sheet. They are unrecorded transactions.
Comments

View 2 more Answers

Related Questions

I'm doing graduation in b.com.suggest me some best crash courses /short term courses which I can do along with graduation & will benefit me in future  

Go with ACCA Course; it is a globally recognised professional accountancy course as well as recognised in India.
Abdul
I teach accounts from class 11th to 12th and all three years of B.Com in jaipur interested students can contact
Hi Kavithayini, To begin with Appologies to both of you for breaking in between your conversation. Well I do take online classes let me know if I can be of any help to you. @Mr.Nitshill Thank you for your question.?? Regards, Vishal Jain
Nitesh
0 0
6
How do I get a technical degree after a BCom?
Hi Santosh , Post bcom ,you may go for professional courses like CA ,CS in order to available technical knowledge . Or else you may go for MBA as well . That would also help you . But be very
Santosh
0 0
9

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Solve Amalgamation Problem In 7 Steps
Step 1: Identify nature of Amalgamation: If the six conditions of amalgamation in nature of merger not satisfied then it is treated as amalgamation in nature of purchase. If the information provided in...
F

Introduction To Income Tax
Income Tax, Many of the teacher teach the subject but they do not make the student understand the purpose behind this subject. The main aim of this subject is to calculate your income that is earned in...


A short concept of Stock Turnover Ratio in Accountancy:--
Inventory turnover is a ratio showing how many times a company's inventory is sold and replaced over a period of time.The formula is given below:-- Stock Turnover= If a company has a high ratio (anywhere...
K

Indian accounting Standards
Ind AS issued under the supervision of accounting standard board which formed by ICAI(Institute of Chartered Accountant of India) consists of the representative from govt. , professional and officials...

Recommended Articles

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
X

Looking for BCom Tuition Classes?

The best tutors for BCom Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take BCom Tuition with the Best Tutors

The best Tutors for BCom Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more