FINANCIAL STATEMENTS AT YOUR FINGER TIPS: FINAL ACCOUNT ADJUSTMENTS

Video no.3
Some typical & hidden adjustments items of Balance Sheet and treatment items given in Trial Balance and Adjustment items given as footnote below Trial Balance.If Trial Balance is not given,we have to prepare a Trial Balance taking into account all Debit Balance amount in one column and Credit Balance items in another column of Trial Balance.If total of debit and credit balance tallied,then ok,we will prepare Trading,Profit & loss and Balance sheet in case of Trading Concern & Manufacturing account,Trading account ,Profit and Loss accounts & Balance sheet.
If Total of both balance does not tally,we have to put the difference as Suspense account (Some one side adjustment till pending.If suspense is debit balance show in Assets and if credit balance show in Liabilities in preparing Balance sheet.