Final accounts

Accountancy

Sir can you please explain the effect of that adjustment

siva chaitanya

CA Final

★ 13K+

23-Jul-21 09:16

685

Answers (5)

the correct entry would have been Discount given A/c Dr. To Debtors A/c So the profit is more by 4000

Sudha Reddy

CA Final

★ 20K+

23-Jul-21 09:36

Then we should write on debit side of profit and loss account and credit side of balance sheet

Thread Starter

siva chaitanya

CA Final

★ 13K+

23-Jul-21 09:46

What I said is correct mam?

Thread Starter

siva chaitanya

CA Final

★ 13K+

23-Jul-21 09:47

Thread Starter

siva chaitanya

What I said is correct mam?

Dr discount in P/L and reduce from debtors in balance sheet

Himanshu Somani

CA Final

★ 97K+

23-Jul-21 09:55

Yes, understood Thanks

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siva chaitanya

CA Final

★ 13K+

23-Jul-21 09:56