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Adjustment Entries.

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Profit & Loss
BALANCE SHEET
Adjustment 1
Adjustment 2
Adjustment 3

Profit & Loss Account statement for the year ending ____________

PARTICULARS AMOUNT PARTICULARS AMOUNT
To. Gross loss B/d XXX By. Gross Profit B/d XXX
All Indirect Expenses XXX All Indirect Income: XXX
To. Salary exp. By. Income from Int.
To. Wages exp. By. DISCOUNT RECEIVED
To. Carriage Outward By. Commis. Received
To. Rent exp.
To. Postage exp.
To. Electricity exp.
To. Charity exp.
To. Repair & maint.
To. Office exp.
To. Selling & dist. exp.
To. Royalty Exp.
To. Interest paid
To. Bad debt
To. Discount
To. Preliminary exp.
To. Net Profit C/d XXX By. Net loss C/d XXX
XXX XXX

In the P&L account, if credit side or income higher than expenses or debit side then profit occurred and vice versa. There after profit should be added in capital account at the Balance sheet, similarly if loss incurred then it must be deducted from capital.


Lastly Balance sheet which is final part of the accounting process. Balance sheet clarifies about Asset & liability position of the business concern. It means what is the assets position of the business concern, both fixed assets & current assets similarly what is the position of current & contingent liability.


There also describe about fixed assets, current assets & current, contingent liability on the above page. Now we can analysis about Balance Sheet.The specimen of Balance sheet as follows.


These are all adjustment entry which has discussed in the above, those will be effect in the Trading a/c, P&L a/c and also Balance Sheet in order to conclude the effective result.

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