Tag Archives | Preparation

Preparation of Final accounts with Adjustments | Financial Accounting

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 for discount on creditors, interest [...]

By |2018-08-01T10:47:23+00:00August 1, 2018|Final Accounts|Comments Off on Preparation of Final accounts with Adjustments | Financial Accounting
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How to Prepare Income Statement of Manufacturing Business? | Financial Accounting

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 of goods manufactured is transferred [...]

By |2018-08-01T10:47:23+00:00August 1, 2018|Income Statement|Comments Off on How to Prepare Income Statement of Manufacturing Business? | Financial Accounting
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Preparation of Financial Statements

After reading this article you will learn about the preparation of financial statements. Financial Statements: As per IFRSs financial statements comprise of Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and related notes to accounts. Statement of Compre­hensive Income has two sub-components - Statement of Income and Statement of Other Comprehensive [...]

By |2016-12-23T06:39:16+00:00December 23, 2016|Preparation|Comments Off on Preparation of Financial Statements
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