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Final accounts

Accountancy

What is the effect of this adjustment in the final accounts

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:27

281

Answers (9)

Entry passed is B.Bharua A/c Dr. to Cash/Bank A/c Cr Correct Entry Expense A/c (Remuneration) A/c Dr to Cash / bank A/c Cr So due to wrong entry profit is more by Rs.2000 as expense is short by Rs.2000

Sudha Reddy

CA Final

★ 20K+

23-Jul-21 09:30

Mam, so now remuneration account should be debited and Barua account should be credited

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:53

Mam then in balance sheet we should show Barua account?

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:54

Thread Starter

siva chaitanya

Mam, so now remuneration account should be debited and Barua account should be credited

Yes

Himanshu Somani

CA Final

★ 71K+

23-Jul-21 09:57

In balance sheet

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:58

Can you explain its effect bro

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:58

Remuneration in profit and loss Then Barua account?

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:58

Himanshu Somani

Yes

Barua account will have zero balance after passing rectification entry

Sriram Somayajula

Admin

23-Jul-21 09:58

Yes sir, understood

Thread Starter

siva chaitanya

CA Final

★ 8K+

23-Jul-21 09:59

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