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Tips to be keep in mind while preparing the Financial Statements:
1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjusted once
2. Objects known in the adjustments have to be accounted for twice.
3. Some dissimilarity in the trial balance have to be transferred to suspense account. If the balance is small on the debit side, the difference must be shown on the asset side of the balance sheet and if the balance is small on the credit side, it have to be shown on the liabilities side of the balance sheet.
4. Where required, working notes have to be maintained for accuracy and clarity.
5. Several of the adjustments are exclusive, such as distribution of free example.
began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
Is here sample assignment for accounting cycle?
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
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