Preparation of Final accounts with Adjustments! The reporting information will not be accurate unless we take into consideration the adjustment entries. The treatment of various common adjustments such as closing stock, outstanding expenses, accrued incomes, prepaid expenses, incomes received in advance, bad debts, reserve for bad and doubtful debts, reserve for discount on debtors, reserve […]
Preparation of Final accounts with Adjustments | Financial Accounting
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How to Prepare Income Statement of Manufacturing Business? | Financial Accounting
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It is necessary to learn how to prepare income statement for manufacturing business. In a manufacturing business enterprise, there is a need to prepare a manufacturing account, statement of production or a cost sheet, before proceeding ahead to prepare the income statement. In fact, the income statement literally remains the same except that the cost […]
How to Prepare Funds Flow Statement? (With Stages) | Financial Accounting
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Funds flow statement is a method by which we study changes in financial position of a business enterprise between two accounting periods. It is prepared with the help of two balance sheets of an enterprise. Broadly speaking, preparation of funds flow statement involves two stages, namely – 1. Statement or schedule of changes in working […]