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Video tutorials - Book Keeping and Accountancy: Partnership Final Accounts H.S.C Maharashtra State Board (MSBSHSE)

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Partnership Final Accounts [01:23:03]
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Partnership Final Accounts
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Description

1. Introduction and Necessity of preparation of Final Accounts with following adjustments.

2. Adjustments:-

  • Closing stock
  • Outstanding expenses
  • Prepaid expenses
  • Income received in advance
  • Income receivable
  • Bad debts
  • Provision for doubtful debts
  • Reserve for discount on debtors and creditors
  • Depreciation
  • Interest on capital, drawings and loans
  • Interest on investment and loans
  • Goods destroyed by fire/ accident (insured / uninsured)
  • Goods stolen
  • Goods distributed as free samples
  • Goods withdrawn by partners
  • Unrecorded purchases and sales
  • Capital expenditure included in revenue expenses and vice-versa
  • Bills Receivable dishonoured
  • Bills payable dishonoured
  • Deferred expenses
  • Capital receipts included in revenue. Receipts and vice-versa
  • Commission to working partner/ Managers on the basis of Gross profit, Net profit, sales, etc.
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