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Adjustments in final accounts
Accountancy
What are we supposed to do in 5th Adjustment
Answers (4)
5th adjustments is based on cost of good sold for sales or return and Customer approval basis Reduce sales from trade receivables a/c And also reduce stock on approval to closing stock which is present in trading a/c Journal entry Sales a/c Dr 1,50,000 To trade receivables a/c 1,50,000 Approval basis Stock on approval a/c Dr 1,00,000 To trading a/c 1,00,000
CA Suraj Lakhotia Admin
Reduce from Sales and from debtors - 1.5 lacs Add to cost of Inventory - 1 lac
Sir if the above points what I have mentioned was wrong please suggest me sir
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