Order Homework Help from Pro Experts

Order Now

Summarized Presentation of Adjustments

Need help with your homework? Look no further! Our subject experts are ready to effortlessly handle your assignments, so you can finally say goodbye to stress and hello to top grades.

Do My Homework
Please enable JavaScript in your browser to complete this form.
Click or drag files to this area to upload. You can upload up to 3 files.
âš¡Get a response in under 15 min

This adjustment factor is one of the most important points in present times in accounting, and a detailed summary is of utmost importance to ensure that a detailed understanding of this topic can be obtained.

While summarizing this presentation, it is important that one should keep into consideration the 4 points against which the presentation is to be made.

  • Adjustments
  • Journal entry
  • Adjustments in Trading in Profit and Loss accounts
  • Adjustments in the Balance sheet

Every detail is to be placed in regards to these heads.

  1. When Adjustments are made in CLOSING STOCK, then Journal Entry shows CLOSING STOCK ACCOUNT TO TRADING ACCOUNT, Adjustments in Trading Account are seen to be posted on CREDIT SIDE OF TRADING ACCOUNT, and Adjustments in Balance Sheet are shown in ASSET SIDE.
  1. When Adjustment is made in DEPRECIATION, then Journal Entry shows DEPRECIATION B ACCOUNT TO ASSET ACCOUNT, Adjustments in Trading Account are seen to be posted on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as DEDUCTED FROM THE ASSETS THAT ARE CONCERNED.
  1. When Adjustment is made in APPRECIATION, then Journal Entry shows ASSET ACCOUNT TO APPRECIATION ACCOUNT, Adjustments in Trading Account are seen to be posted on CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as ADDED TO CONCERNED ASSETS.
  1. When Adjustment is made in OUTSTANDING EXPENSES, then Journal Entry shows EXPENSES ACCOUNT TO OUTSTANDING EXPENSES ACCOUNT, Adjustments in Trading Account are seen to be added to the CONCERNED EXPENSE ON DEBIT SIDE OF PROFIT AND LOSS AND TRADING ACCOUNT, Adjustments in Balance Sheet are shown on LIABILITIES SIDE.
  1. When Adjustment is made in PREPAID EXPENSES, then Journal Entry shows PREPAID EXPENSE ACCOUNT TO EXPENSE ACCOUNT, Adjustments in Trading Account are seen to be DEDUCTED FROM CONCERNED EXPENSE ON DEBIT SIDE OF PROFIT AND LOSS ACCOUNT,Adjustments in Balance Sheet are shown on ASSETS SIDE.
  1. When Adjustment is made in ACCRUED INCOME, then Journal Entry shows ACCRUED INCOME TO INCOME ACCOUNT, Adjustments in Trading Account are seen to be ADDED TO CONCERNED INCOME ON CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown on ASSETS SIDE.
  1. When Adjustment is made in UNEARNED INCOME, then Journal Entry shows INCOME ACCOUNT TO UNEARNED INCOME ACCOUNT, Adjustments in Trading Account are seen to be DEDUCTED FROM CONCERNED INCOME ON CREDIT SIDE, Adjustments in Balance Sheet are shown on LIABILITIES SIDE.
  1. When Adjustment is made in INTEREST ON CAPITAL, then Journal Entry shows INTEREST ON CAPITAL ACCOUNT TO CAPITAL ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown ADDED TO CAPITAL ON LIABILITIES SIDE.
  1. When Adjustment is made in INTEREST ON DRAWINGS, then Journal Entry shows DRAWINGS ACCOUNT TO INTEREST ON DRAWINGS ACCOUNT, Adjustments in Trading Account are seen to be on CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown DEDUCTED FROM CAPITAL ON LIABILITIES
  1. When Adjustment is made in INTEREST ON INVESTMENT, then Journal Entry shows INTEREST TO INTEREST ON INVESTMENT ACCOUNT, Adjustments in Trading Account are seen to be on CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown ADDED TO INVESTMENT ON ASSET SIDE.
  1. When Adjustment is made in INTEREST ON BORROWED LOANS, then Journal Entry shows INTEREST ON LOANS ACCOUNT TO LOANS ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown ADDED TO LOANS ON LIABILITIES SIDE.
  1. When Adjustment is made in INTEREST ON LOANS ADVANCED, then Journal Entry shows LOANS ACCOUNT TO INTEREST ON LOANS ACCOUNT, Adjustments in Trading Account are seen to be on CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown ADDED TO LOANS OF ASSET SIDE.
  1. When Adjustment is made in BAD DEBTS, then Journal Entry shows BAD DEBT ACCOUNT TO DEBTORS ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown DEDUCTED FROM DEBTORS ON ASSET SIDE.
  1. When Adjustment is made in PROVISION FOR BAD DEBTS, then Journal Entry shows PROFIT AND LOSS ACCOUNT TO PROVISION FOR DEBTS ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown DEDUCTED FROM DEBTORS ON ASSET SIDE.
  1. When Adjustment is made in PROVISION FOR DISCOUNT ON DEBTORS, then Journal Entry shows PROFIT AND LOSS ACCOUNT TO PROVISION FOR DISCOUNT ON DEBTORS, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown DEDUCTED FROM DEBTORS ON ASSET SIDE.
  1. When Adjustment is made in PROVISION FOR DISCOUNT ON CREDITORS, then Journal Entry shows PROVISION FOR DISCOUNT ON CREDITORS TO PROFIT AND LOSS ACCOUNT, Adjustments in Trading Account are seen to be on CREDIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown DEDUCTED FROM CREDITORS ON LIABILITY SIDE.
  1. When Adjustment is made in ACCIDENTAL LOSS OF STOCK, then Journal Entry shows LOSS OF STOCK ACCOUNT TO TRADING OR PURCHASE ACCOUNT, Adjustments in Trading Account are seen to be on DEDUCTED FROM PURCHASE OR EVEN POSTED ON DEBIT SIDE OF PROFIT,AND LOSS ACCOUNT, OR CREDIT SIDE OF TRADING ACCOUNT, Adjustments in Balance Sheet are shown as NO EFFECT.
  1. When Adjustment is made in ACCIDENTAL LOSS OF GOODS, then Journal Entry shows LOSS OF STOCK ACCOUNT OR INSURANCE COMPANY ACCOUNT TO TRADING ACCOUNT, Adjustments in Trading Account are seen to be on AMOUNT OF CLAIM ADMITTED BY LOSS OF STOCK AS WELL AS LOSS OF STOCK ON DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as ASSET SIDE WITH AMOUNT OF CLAIM ADMITTED AS DEBTOR.
  1. When Adjustment is made in LOSS OF ASSETS BY FIRE, then Journal Entry shows LOSS OF FIRE TO ASSET ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as DEDUCTED FROM ASSETS.
  1. When Adjustment is made in ACCIDENTAL LOSS OF ASSETS,then Journal Entry shows INSURANCE COMPANY ACCOUNT OR LOSS OF FIRE ACCOUNT TO ASSETS ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as DEDUCTED FROM ASSETS.
  1. When Adjustment is made in OUTSTANDING MANAGER’S COMMISSION, then Journal Entry shows PROFIT AND LOSS ACCOUNT TO OUTSTANDING MANAGER’S COMMISSION ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as LIABILITIES
  1. When Adjustment is made in GOODS SENT ON SALE OR RETURN BASIS, then Journal Entry shows SALES TO DEBTORS ACCOUNT AND STOCK TO TRADING ACCOUNT, Adjustments in Trading Account are seen to be on CREDIT SIDE, Adjustments in Balance Sheet are shown as DEDUCTION.
  1. When Adjustment is made in GOODS TAKEN BY PROPRIETOR FOR PERSONAL USE, then Journal Entry shows DRAWING TO PURCHASE ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT IN TRADING ACCOUNT, Adjustments in Balance Sheet are shown as CAPITAL ON LIABILITIES.
  1. When Adjustment is made in GOODS GIVEN AS CHARITY, then Journal Entry shows CHARITY ACCOUNT TO PURCHASE ACCOUNT, Adjustments in Trading Account are seen to be on DEDUCTED FROM PURCHASE OF DEBIT SIDE OF TRADING ACCOUNT, Adjustments in Balance Sheet are shown as DEDUCTED FROM CAPITAL ON LIABILITIES.
  1. When Adjustment is made in GOODS AS FREE SAMPLE, then Journal Entry shows ADVERTISING OR FREE SAMPLES ACCOUNT TO PURCHASE ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as NO EFFECT.
  1. When Adjustment is made in WAGES PAID FOR BUILDING CONSTRUCTION, then Journal Entry shows BUILDING ACCOUNT TO WAGES ACCOUNT, Adjustments in Trading Account are seen to be on DEBIT SIDE OF TRADING ACCOUNT, Adjustments in Balance Sheet are shown as ADDED TO ASSET SIDE.
  1. When Adjustment is made in GOODS IN TRANSIT, then Journal Entry shows GOODS IN TRANSIT TO SUPPLIERS ACCOUNT, Adjustments in Trading Account are seen to be with NO EFFECT, Adjustments in Balance Sheet are shown as GOODS IN TRANSIT ON ASSET SIDE, LIABILITIES ON SUPPLIER SIDE.
  1. When Adjustment is made in REMUNERATION PAID TO EMPLOYEES, then Journal Entry shows SALARIES TO EMPLOYEE’S PERSONAL ACCOUNT, Adjustments in Trading Account are seen to be with ADDED SALARIES ON DEBIT SIDE OF PROFIT AND LOSS ACCOUNT,Adjustments in Balance Sheet are shown as DEDUCTED FROM DEBTORS ON ASSET SIDE.

When  Adjustment is made in DEFERRED REVENUE EXPENDITURE PAID IN FUTURE, then Journal Entry shows ADVERTISING TO BANK ACCOUNT AND VICE VERSA, Adjustments in Trading Account are seen to be with DEBACLE TO PROFIT AND LOSS ACCOUNT, Adjustments in Balance Sheet are shown as ASSETS SIDE WITH UN AMORTIZED AMOUNT.

 

Links of Previous Main Topic:-

Links of Next Accounting Topics:-

Homework Blues?

Get expert help with homework for all subjects.

  • NPlagiarism-free work
  • NHonest Pricing
  • NMoney-back guarantee
Get Help NowHow It Works

Latest Reviews

See All Reviews

Solved Sample Works

Accounting Homework

Corporate Accounting Sample

View Sample

Biology Homework

Genetics Assignment Sample

View Sample

Essay Writing Help

Business Plan Sample

View Sample

Homework Help FAQs

Our Answers to Your Questions

How do I submit my homework?
K
L

Getting homework help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes.

How much will my homework cost?
K
L

The cost of paying someone to do your homework varies depending on the service and the type of assignment. We have listed our standard pricing plans for popularly used writing services. For other kind of assignments, You can get a free instant quote from us using our online form.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs.

Can I receive help with my homework anytime?
K
L

Yes, you can receive help with your homework anytime with us. Our online homework help services are available 24/7, allowing you to receive assistance with your homework anytime, anywhere.

For urgent homework requests, reach out to us through our LiveChat or WhatsApp channels and one of our friendly support agents will assist you in finding the right expert for your online homework help request immediately. With our services, you can rely on 24/7 availability and meeting deadlines.

Are online homework websites budget-friendly for students like me?
K
L

Yes, Our Online Homework Help websites are an affordable solution for you as a student. Compared to traditional tutoring services, MyHomeworkHelp prices their homework help services honestly and within the budget of college students. This makes it easier for you to receive assistance with your homework without breaking the bank.

What is your plagiarism-free policy?
K
L

At myhomeworkhelp, we take plagiarism very seriously and ensure that all solutions provided by our tutors are original and authentic. Our tutors are trained to provide custom-made solutions, tailored specifically to meet the requirements of each student. We do not provide pre-written papers. All our homeswork solutions are made from scratch, guaranteeing 100% orignal homework answers.

Additionally, we have strict plagiarism-detection tools in place to check all submissions for authenticity.

Is using an Online Homework Help Service cheating?
K
L

Using online homework help services is not equivalent to cheating. Our services are intended to support students with their homework and provide them with the resources they need to succeed academically. With the help of our online homework help services, students can receive immediate assistance with their homework from any location, at any time.

At myhomeworkhelp, we are committed to promoting academic integrity. Our tutors provide solutions that serve as guides for drafting your own work. It is not acceptable to submit someone else's work as your own, as this constitutes academic plagiarism.

Can I chat with my tutor?
K
L

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

What is your money-back guarantee policy?
K
L

It’s worth noting that our online homework help service rarely leads to disappointment among students. Our expert tutors, along with our support and quality assurance team, are dedicated to providing the best possible experience for our customers. However, if for any reason a student is unsatisfied with their homework help solution, we offer unlimited revisions until they are fully satisfied.

In the rare event that a student remains unsatisfied even after revisions, we offer a money-back guarantee. We want all of our students to feel confident and secure when they turn to us for assistance with their homework, and this guarantee is just one way that we demonstrate our commitment to providing the best possible service. If you have any concerns about our services or the quality of the work you receive, please contact us for support.

What is the expertise of the tutor assigned to do my homework?
K
L

At myhomeworkhelp, we take pride in our team of qualified and experienced tutors. All of our tutors undergo a rigorous selection process and are required to have a minimum of a master's degree in their respective fields. Additionally, they must pass a series of tests to demonstrate their proficiency and ability to deliver quality work. We believe in transparency and providing our clients with the best possible service. You can be confident in the expertise of the tutor assigned to do your homework.

What about privacy & confidentiality?
K
L

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.