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All posts by Sneha Agarwal - 7. page

Professional Tax Consultant and Article Writer

Prepaid Expenses

Prepaid Expenses : Expenses which have been paid in advance are called as prepaid (unexpired) expenses. Example:Trial Balance for the period ending 31st March, 2004 shows Rs.15,000 as insurance premium. […]

Outstanding Expenses

Outstanding Expenses : Expenses which have been incurred but not yet paid during the accounting period for which the final accounts are being prepared are called as outstanding expenses. Example: […]

Closing Stock

Closing Stock : The unsold goods in stock at the end of the accounting period is called as closing stock. This is to be valued at cost or market price […]

Adjustments

Adjustments : Some important and common items, which need to be adjusted at the time of preparing the final accounts are discussed below. 1. Closing stock 2. Outstanding expenses 3. […]

FINAL ACCOUNTS

FINAL ACCOUNTS : When a person starts a business he wishes to know the financial performance of his business. A convinient and universally accepted method of knowing this is to […]