Related InterviewSolutions

• What is meant by the term ‘Provision’?
• What kind of items are treated as Adjustments?
• Write two items which are written in the credit side of profit and loss account? 
• Outstanding wages is shown in: (a) Debit side of trading account (b) Debit side of P & L Account (c) Liability side of Balance Sheet(d) Asset side of Balance Sheet.
• Give the importance of adjustment entries while preparing the Final Accounts.
• Distinguish between outstanding expenses and prepaired expenses.
• What do you understand by Adjustment? Explain the kinds of general adjustmentsORWhat do you understand by Adjustments? Write about any six kinds of it. Give its Journal Entry also.ORFrom the following adjustment show any five of them in Profit and Loss A/c and the Balance Sheet after recording their journal entries:(i) Prepaid Insurance(ii) Unearned Income(iii) Interest on Drawings(iv) Bad Debts(v) Depreciation(vi) Outstanding Salaries(vii) Interest on Capital(viii) Provision for Discount on Debtors.ORDiscuss ten types of adjustment entries to he made while preparing Final Account. Give its journal entries also.ORWhat is meant by Adjustment entries? Make adjustment journal entries of the following: (i) Depreciation on Machinery (ii) Outstanding Expenses (iii) Prepaid Expenses (iv) Accrued Income (v) Reserve for Doubtful Debts (vi) Unearned income (vii) Closing stock.ORWhat are the types of adjustment entries? Journalise the following adjustment with imaginary amount: (i) Reserve for discount on creditors(ii) Interest on drawings.ORWrite about any four adjustments carried in the final account. Pass Journal Entries for them also.
• List the items to be shown at the debit and credit side of the trading account.