Final accounts with all relevant adjustments PDF

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Download Final accounts with all relevant adjustments PDF

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Review of final accounts with all relevant adjustment A summary of Income Statement with possible accounts that might be included in (Note: however, this should not be seemed as a full list since various accounts will be included depending on different questions) Company's Name Income statement for the year ended dd/mm/yy £ Sales (/ Revenue) Less Returns inwards Less Cost of goods sold: Opening inventory Add Purchases Less Returns outwards Carriage inwards Less Closing inventory

xxx xxxx (xxx) xxx xxxx (xx) (xxx) xxx

Gross profit Add: Discounts received Reduction in bad debt provision Gain on sale of non-current asset Less expenses: *Expenses A + a **Expenses B - b Wages and salaries Insurance and administration Bank interest Misc. expenses Carriage outwards Bad debts Depreciation: xxx xxx xxx Loss on sale of non-current asset Allowance for doubtful debts (Increase)

Net profit

Notes: * If an ‘Expenses A’ was accrued by £a ** If an ‘Expenses B’ was prepaid by £b

£ xxx (xx) xxx

xxx xxx xxx xxxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx (xxxx) xxxxx

Company's name Balance sheet as at dd/mm/yy

Non-current assets Buildings Fixtures and fittings Land Motor vehicles Machinery Current assets Inventory Accounts receivable Less Allowance for doubtful debts

Prepayment Cash Bank

£ Costs

£ Accumulated Depreciation

£ NBV

xxx xxx xxx xxx xxx xxxx

xxx xxx xxx xxx xxx xxxx

xxx xxx xxx xxx xxx xxxxx

xxx xxxx (xxx) xxx xxx xxx xxxx xxxxx xxxxx

Total assets Equity and Liabilities Equity Opening balance of capital (original capital) Retained profit or loss (This is the net profit you calculated in the income statement) Less drawings Total Equity Current liabilities Accounts payable Accruals Bank overdrafts

xxxx xxxxx (xxxx) xxxxx

xxx xxx xxxxxx xxxx

Non-current Liabilities Bank loans Total Equity and liabilities

Note: when calculate NBV, please also consider the disposal of fixed assets if any

xxx xxxxx...