1. BOOK KEEPING & ACCOUNTANCY PARTNERSHIP FINAL ACCOUNTS (Adjustments & their effects)Ajay Janardan Gursale. ( M.Com.B.Ed.)1

2. 1. CLOSING STOCK DR.Trading A/c ParticularsAmtCr. ParticularsBy Closing StockAmt. ****Balance sheet LiabilitiesAmt.AssetsClosing StockAjay Janardan Gursale. ( M.Com.B.Ed.)Amt.****2 3. 2. OUTSTANDING WAGES DR.Trading A/c ParticularsAmtTo Wages***ParticularsAmt.****Add : Outstand. wagesCr.****Balance sheet Liabilities Outstanding WagesAmt.AssetsAmt.***Ajay Janardan Gursale. ( M.Com.B.Ed.)3 4. 3. PREPAID / ADVANCE FACTORY RENT DR.Trading A/c ParticularsTo Factory Rent Less : Prep./ Adv. RentAmtCr. ParticularsAmt.**** *******Balance sheet LiabilitiesAmt.Assets Prepaid Factory RentAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. ***4 5. 4. OUTSTANDING SALARY(Exp.) DR.Profit & Loss A/c ParticularsTo Salary Add : outstand. SalaryAmtCr.ParticularsAmt.**** *******Balance sheet Liabilities Outstanding SalaryAmt.AssetsAmt.***Ajay Janardan Gursale. ( M.Com.B.Ed.)5 6. 5. PREPAID INSURANCE (Exp.) DR.Profit & Loss A/c ParticularsTo Insurance Less : Prepaid InsuranceAmtCr.ParticularsAmt.**** *******Balance sheet LiabilitiesAmt.Assets Prepaid InsuranceAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. ***6 7. 6.Deffered Advertisement Exp. DR.Profit & Loss A/c ParticularsAmtTo Advertisement Exp****ParticularsAmt.****Less : Deff.Advt.ExpCr.***Balance sheet LiabilitiesAmt.Assets Deferred Advt. ExpAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. ****7 8. 7. Outstanding / Accrued Income DR.Profit & Loss A/c ParticularsAmtCr.ParticularsAmt.By Interest Recd****Add : O/stand Int.*******Balance sheet LiabilitiesAmt.Assets Outstanding InterestAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. ***8 9. 8. Advance Income DR.Profit & Loss A/c ParticularsAmtCr.Particulars To Income Less : Adv. IncomeAmt. **** *******Balance sheet Liabilities Advance IncomeAmt.AssetsAmt.***Ajay Janardan Gursale. ( M.Com.B.Ed.)9 10. 9. Depreciation on Machinery DR.Profit & Loss A/c ParticularsTo Depre. On Machine.AmtCr.ParticularsAmt.***Balance sheet LiabilitiesAmt.Assets Machinery Less : DepreciationAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. **** *******10 11. 10.Goodwill Written off. DR.Profit & Loss A/c ParticularsTo Written off GoodwillAmtCr.ParticularsAmt.***Balance sheet LiabilitiesAmt.Assets Goodwill Less : Written offAjay Janardan Gursale. ( M.Com.B.Ed.)Amt. **** *******11 12. 11. Accrued Interest on Loan Given (Asset) DR.Profit & Loss A/c ParticularsAmtCr.ParticularsAmt.By Accrued Interest***Balance sheet LiabilitiesAmt.AssetsAmt.Loan Given to Others****Add : Accrued Interest***Ajay Janardan Gursale. ( M.Com.B.Ed.)****12 13. 12. Salary to Partners DR.Profit & Loss A/c ParticularsAmtTo Salary to Partner A***ParticularsAmt.***Salary to Partner BCr.Dr.****Partners Capital A/c ParticularsABParticulars By P & L A/cCr. A ***B ***( Salary to Partner)Ajay Janardan Gursale. ( M.Com.B.Ed.)13 14. 13.Interest on Capital (Expenses of Business) DR.Profit & Loss A/c ParticularsAmtTo Interest on Capital A***ParticularsAmt.***Interest on Capital BCr.Dr. Particulars****Partners Capital A/c ABParticulars By P & L A/cCr. A ***B ***( Interest on Capital to Partner)Ajay Janardan Gursale. ( M.Com.B.Ed.)14 15. 14. Drawing of Partners DR.Trading A/c ParticularsAmtCr.ParticularsAmt.By Goods withdrawn by***Partners A & BDr. Particulars To Drawing a/c***Partners Capital A/c AB***Particulars****Cr. AB***Ajay Janardan Gursale. ( M.Com.B.Ed.)15 16. 15.Interest on Drawing of Partners (Income of the Business) DR.Profit & Loss A/c ParticularsAmtCr.ParticularsAmt.By Interest on Drawing A Interest on Drawing BDr.*** ***Partners Capital A/c ParticularsTo Interest on Drawing a/cAB***Particulars***Cr.***Ajay Janardan Gursale. ( M.Com.B.Ed.)AB16