MODULE - V

Preparation of

15
Financial Statements

Notes
FINANCIAL STATEMENTS
(WITH ADJUSTMENTS)

You have learnt in the previous lesson, how to prepare Trading A/c, Profit & Loss
A/c and Balance Sheet.
These financial statements are prepared with the help of a given Trial Balance. It is
possible that the expenses given in the Trial Balance may not be the total expenses
for that accounting year for which trial balance has been prepared.
Similarly a portion or part of the expenses given in the Trial Balance may relate to
future year(s).
If Financial Statements are prepared with the help of such a Trial balance, they will
not present a correct picture of the business. The income statement will not show
correct net profit or net loss. Similarly the Balance sheet will not show the correct
financial picture of the business.
So, before preparing the financial statement, it is necessary to find out the items of
expenses which relate to the current year but have not been paid.
Similarly it is necessary to find out the items of expenses which relate to future year
but have been paid or received during current year.
Therefore, it becomes necessary to make some ‘adjustments’ in respect of some
items of expense and income. These are called accounting adjustments.

OBJECTIVES
After studying this lesson you will able to :
• understand the need for accounting adjustments;
• understand the adjustments relating to closing stock, outstanding expenses,
prepaid expenses and depreciation on fixed assets;
• explain adjustment entries relating to above adjustments and
• understand the accounting treatment of the adjustments in Trading A/c, Profit
and Loss A/c and Balance Sheet.

236 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
15.1 NEED FOR ACCOUNTING ADJUSTMENTS Financial Statements

Accounting adjustments are required because of the following purposes:

i) To know the correct net profit or net loss of the business for an
accounting year.
ii) To know the correct financial position of the business.
Notes
iii) To record the expenses which have become due but have not been paid
iv) To record the expenses which have been paid in advance for future
year(s)
v) To provide for depreciation on fixed assets.
15.2 TYPES OF ADJUSTMENTS
The number and nature of adjustments will differ from business to business. You will
study the following common adjustments in this lesson :
i) Closing Stock
ii) Outstanding Expenses
iii) Prepaid Expenses
iv) Depreciation on Fixed assets
Let us discuss the above items of adjustments and their accounting treatment
in the financial statements.
i) Closing Stock
Closing stock is the stock of goods which remains unsold at the end of the accounting
year. This item is, normally, not shown inside the Trial balance. It appears outside the
trial balance as additional information. For example the books of Mr. X showed the
value of closing stock as on 31.3.2012 `30,000.
The accounting treatment of closing stock in the financial statements of Mr. X., will
be as follows:
(a) The following adjustment entry will be passed at the end of the year:
31.3.2012 Closing Stock A/c Dr. 30,000
To Trading A/c 30,000
(For Closing stock transferred to
Trading A/c)
(b) Trading A/c of Mr. X for the year ending 31.3.2012
Dr. Cr.
Particulars Amount Particulars Amount
(`) (`)
By Closing Stock 30,000

ACCOUNTANCY 237
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements (c) Balance Sheet of Mr. X as on 31.3.2012
Liabilities Amount Assets Amount
(`) (`)
Closing Stock 30,000

Notes Note : If Closing stock is given inside the Trial balance, the above mentioned
adjustment entry will not be passed and the closing stock will not be shown
on the credit side of Trading A/c. The closing stock will be shown on the
assets side of Balance Sheet only.
ii) Outstanding Expenses
An expense which relates to the current year but has not been paid till the end of the
accounting year is known as outstanding expenses such as Factory rent, Wages,
Salaries, Office rent, Telephone charges etc. for current year may not have been
paid till the end of the accounting year, for example the books of accounts of Mr. X
showed that, Wages paid during the year 2011-2012 ` 45,000. Wages outstanding
for the year 2011-2012 ` 5,000.
The accounting treatment of wages outstanding in the books of Mr.X will be as
follows:
(a) The adjustment entry will be:
31.3.2012 Wages A/c Dr. 5,000
Wages outstanding A/c 5,000
(For wages outstanding for the
year 2011-12)
(b) Trading A/c of Mr. X
for the year ending 31.3.2012
Dr. Cr.
Particulars Amount Particulars Amount
(`) (`)
Wages : 45,000
(+) Wages O/S : 5,000 50,000
(c) Balance Sheet of Mr. X
as on 31-3-2012
Liabilities Amount Assets Amount
(`) (`)
Wages Outstanding 5,000

238 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
Let us take another example, regarding outstanding salary which affects the net Financial Statements
profit.
Example: The books of accounts of Mr.X showed the following:
Salaries for the year 2011-12 already paid during the year ` 1,00,000. Salaries for
2011-12 due but not paid till 31-3-12 ` 10,000. Its accounting treatment in the Notes
books of Mr.X will be as follows.
(a) Adjustment entry will be as under:
31.3.2012 Salaries A/c Dr. 10,000
To Salaries outstanding A/c 10,000
(For salary outstanding for the
year 2011-12)
(b) Profit & Loss A/c for Mr.X
For the year ending 31-3-2012
Particulars Amount Particulars Amount
(`) (`)
To Salaries : 1,00,000
(+) Salaries O/S : 10,000 1,10,000

(c) Balance Sheet

as on 31-3-2012
Liabilities Amount Assets Amount
(`) (`)
SalariesOutstanding 10,000

INTEXT QUESTIONS 15.1

Give exact term for your answer :
i. Stock remains unsold at the end of year.
ii. Amount not paid for the good or services whose benefits was already availed.
iii. Value of unsold goods shown outside the trial balance as additional
information.
iv. Transaction shown outside the trial balance to be incorporated before
the preparation final accounts.
iii) Prepaid Expenses
Sometimes, a part of the expenses given in the trial balance may relate to future
year(s). Such part of expenses is known as ‘Prepaid Expenses’ or ‘Expense paid in

ACCOUNTANCY 239
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements Advance’ such as, out of the salaries paid during the current year, a part may relate
to next accounting year. Similarly factory rent, wages, office rent, insurance premium,
taxes, etc. may be prepaid in some cases. For example the books of accounts of
Mr.X showed the following:
Total salaries paid during the accounting year 2011-2012 ` 2,00,000 out of which `
Notes 25,000 relates to the next accounting year, i.e, 2012-13. The accounting treatment,
of prepaid salaries in the books of Mr. X will be as follows:
(a) Adjustment entry for prepaid salaries will be as under:
31.3.2012 Prepaid Salaries A/c Dr. 25,000
To Salaries A/c 25,000
(For salaries paid in advance
for next year 2012-13)

(b) Profit & Loss A/c for Mr.X

for the year ending31-3-2012
Particulars Amount Particulars Amount
(`) (`)
To Salaries : 2,00,000
(-)Prepaid Salaries : 25,000 1,75,000
(c) Balance Sheet of Mr.X
as on 31-3-2012
Liabilities Amount Assets Amount
(`) (`)
Prepaid Salaries 25,000

iv) Depreciation on Fixed Assets

The value of fixed assets such as Plant and Machinery, Building, Furniture, Computers,
Motor Vehicles, etc. goes on decreasing or reducing every year due to their use,
wear and tear. This decrease in the value of assets is called depreciation.
Depreciation is an expense like any other expense of the business.
Depreciation on various fixed assets is shown on the debit side of P&L A/c.
The amount of depreciation on fixed asset is deducted from the concerned or related
asset on the asset side of Balance Sheet. For example the books of accounts of Mr.
X showed the following:

240 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
The value of Plant and Machinery is ` 5,00,000 as on 31-3-2012 and value of Financial Statements
Furniture is ` 50,000 as on 31-3-2012. Depreciation is to be charged on these
assets @10% p.a. The accounting treatment of depreciation in the financial statements
of Mr. X, will be as follows :
(a) Entry for charging depreciation will be as under:
Notes
31-3-2012 Depreciation A/c Dr. 55,000
To Plant&Machinery A/c 50,000
To Furniture A/c 5,000
(For depreciation charged on
Plant and Machinery and Furniture
@10% for one year)

(b) Profit & Loss A/c for Mr. X

Dr. for the year ending 31-3-2012 Cr.
Particulars Amount Particulars Amount
(`) (`)
To Depreciation on
Plant & Machinery 50,000
Furniture 5,000

(c) Balance Sheet of Mr.X

as on 31-3-2012
Liabilities Amount Assets Amount
(`) (`)
Plant & Machinery 5,00,000
(-) Dep. 50,000 4,50,000
Furniture 50,000
(-) Dep. 5,000 45,000

INTEXT QUESTIONS 15.2

Match column ‘A’ with column ‘B’
‘A’ ‘B’
i. Closing Stock (a) Deducted from the value of assets
ii. Outstanding Expenses (b) Those expenses which have not became
due but have been paid during the
accounting year in question.
iii. Depreciation (c) Those expenses which have became due
but have not been paid in the concerned
accounting year.
iv. Prepaid expenses (d) Shown an the credit side of Trading A/c.
ACCOUNTANCY 241
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements Illustration 1
From the following trial balance of M/s Kaushal Traders, prepare Trading and Profit
and Loss Account for the year ended 31st March 2012 and a Balance Sheet as on
that date :
Dr. Balances ` Cr. Balances `
Notes
Opening stock on 1st April, 2011 16,000 Capital 80,000
Purchases 75,000 Sales 2,00,000
Sales returns 5,000 Purchases returns 2,000
Carriage inwards 1,500 Discount 500
Plant and Machinery 40,000 Sundry creditors 10,000
Furniture and fixtures 5,000 Bills payable 1,500
Freehold property 45,650
Cash in hand 5,000
Carriage outwards 400
Wages 30,000
Salaries 18,000
Lighting (factory) 800
Sundry debtors 28,000
Travelling expenses 1,200
Rent and taxes 4,800
Drawings 5,000
Insurance 450
General expenses 12,200
2,94,000 2,94,000
Adjustments :
i. Stock on 31st March 2012 was valued at ` 38,000 (market value ` 20,000).
ii. Wages amounting to ` 2,000 and salaries amounting to ` 1,500 are outstanding.
iii. Prepaid insurance amounted to ` 150.
iv. Provide depreciation on plant and machinery at 5% and on furniture
and fixtures at 10%.
Solution
Trading and Profit and Loss Account
Dr. for the year ending 31st March, 2012 Cr.
Particulars Amount Particulars Amount
` `
To Opening stock 16,000 By Sales 2,00,000
To Purchases 75,000 Less : Sales returns 5,000 1,95,000
Less : Purchases returns 2,000 73,000 By Closing stock 20,0001
To Carriage inwards 1,500
To Wages 30,000
Add : Outstanding wages 2,000 32,000
To Factory lighting 800
To Gross profit c/d 91,700
2,15,000 2,15,000

242 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
To Carriage outwards 400 By Gross profit b/d 91,700 Financial Statements
To Salaries 18,000 By Discount 500
Add : Outstanding salaries 1,500 19,500
To Travelling expenses 1,200
To Rent and taxes 4,800
To Insurances 450
Less : Prepaid insurance 150 300 Notes
To General expenses 12,200
To Depreciation on :
Pland and machinery 2,000
Furniture and fixtures 500 2,500
To Net profit transferred
to Capital A/c 51,300
92,200 92,200

Balance Sheet
as on 31st March 2012
Liabilities Amount Assets Amount
` `
Bills payable 1,500 Cash in hand 5,000
Sundry creditors 10,000 Sundry debtors 28,000
Outstanding wages 2,000 Closing stock 20,0001
Outstanding salaries 1,500 Prepaid insurance 150
Capital 80,000 Furnitures and fixtures 5,000
Add : Net profit 51,300 Less : Depreciation 500 4,500
1,31,000 Plant and machinery 40,000
Less : Drawings 5,000 1,26,300 Less : Depreciation 2,000 38,000
Freehold property 45,650
1,41,300 1,41,300
Note : (1) Closing stock is valued at cost price or market price whichever is less.
Illustration 2
From the following trial Balance of M/s. Gupta Furnitures as on 31st December,
2012 you are required to prepare a Trading and Profit & Loss A/c for the year
ended 31st Dec. 2012 and a Balance Sheet as at that date after making the
necessary adjustments. Trial Balance of M/s. Gupta Furniture as at 31.12.2012.
Particulars Dr (`) Cr. (`)
Capital A/c of Mr. Gupta 80,000
Cash in hand 540
Cash in bank 2,630
Purchase A/c 43,120
Sales A/c 78,100
Wages A/c 10,480
Fuel and Power A/c 4,730

ACCOUNTANCY 243
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements Carriage on Sales A/c 3,200
Carriage on Purchase A/c 2,040
Stock (on 1-1-2012) 5,760
Land & Building A/c 40,000
Machinery A/c 20,000
Notes Salaries A/c 15,000
Insurance A/c 600
Sundry Debtors A/c 20,000
Sundry Creditors A/c 10,000
1,68,100 1,68,100
Taking into consideration the following adjustments, make necessary journal entries
and prepare final accounts.
i. Stock on hand 31.12.2012 is ` 5,000
ii. Machinery is to be depreciated @ 10% p.a.
iii. Salaries for the month of December outstanding amounted to ` 3,500.
iv. Insurance prepaid for 3 months.
Solution
2012 Adjusting Entries (`) (`)
Dec. 31 Closing stock A/c Dr. 5,000
To Trading A/c 5,000
(For closing stock taken into account)
Dec. 31 Depreciation A/c Dr. 2,000
To Machinery 2,000
(For depreciation charged on machinery @ 10%)
Dec. 31 Salaries A/c Dr. 3,500
To Salaries Outstanding 3,500
(For outstanding salaries provided for)
Dec. 31 Prepaid Insurance A/c Dr. 150
To Insurance A/c 150
(For prepaid insurance taken into account)
Trading Account of M/s. Gupta Furnitures
for the year ended on 31st Dec. 2012
Dr. Cr.
Particulars Amount Particulars Amount
(`) (`)
To Stock (1.1.12) 5,760 By Sales 78,100
To Purchases 43,120 By Stock (31.12.12) 5,000

244 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
To Wages 10,480 Financial Statements
To Fuel and Power 4,730
To Carriage on Purchase 2,040
To Gross Profit transferred
to Profit & Loss A/c 16,970
83,100 83,100 Notes

Profit and Loss A/c

for the year ended on 31st December, 2012
Particulars Amount Particulars Amounts
(`) (`)
To Carriage on Sales 3,200 By Gross Profit b/d 16,970
To Salaries 15,000 By Net Loss transferred to
Add : Outstanding 3,500 18,500 capital A/c of Mr. Gupta 7,180
To Insurance 600
Less : Prepaid 150 450
To Depreciation on Machinery 2,000
24,150 24,150

Balance Sheet of M/s. Gupta Furnishers

as on 31st December, 2012
Liabilities Amount Assets Amount
(`) (`)
Sundry Creditors 10,000 Cash in hand 540
Outstanding Salaries 3,500 Cash at bank 2,630
Capital A/c of Mr. Gupta 80,000 Sundry Debtors 20,000
Less : Net Loss 7,180 72,820 Closing Stock 5,000
Prepaid Insurance 150
Land and Building 40,000
Machinery A/c 20,000
Less : Depreciation 2,000 18,000
86,320 86,320

ACCOUNTANCY 245
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements

INTEXT QUESTIONS 15.3

I. Mention whether the following statements are True or False
i. Financial statements prepared without considering adjustments
Notes do not reflect the correct financial positions of the business.
ii. The accounting treatment of adjustments is done only in
Balance Sheet.
iii. The Accounting treatment of adjustment entry is done only in
Trading Account or Profit & Loss Account.
iv. Adjustments are always related to future.
II. Fill in the blanks
i. Closing stock is shown on the ................ side of Balance sheet.
ii. Outstanding Expenses are shown on the .............. side of Balance
Sheet.
iii. Prepaid expenses are shown on the ................ side of Balance sheet.
iv. Depreciation is shown on the................. side of profit and loss A/c.
v. Closing stock is shown on the asset side of...............
vi. The decrease in the value of fixed asset due to their use is called..........
vii. Adjustments are made to know the correct.................of a business.
viii. Outstanding wages shown on the................. of the ...............
ix. Outstanding office Rent will be shown on the................side
of...........and ................ side of Balance sheet.
x. Profit and Loss A/c is prepared to know ..................of an accounting
year.
III. Multiple Choice Questions
i. When no adjustment is done for outstanding wages. Gross profit
ascertained will be
a) more than the actual b) less than the actual
c) equal to the actual d) will not be affected
ii. Prepaid expenses are expenses
a) paid in advance b) outstanding expenses
c) expenses incurred for the current year
d) expenses paid for the previous year
iii. Depreciation is debited to
a) Trading account b) profit and loss account
c) concerned asset account d) none of the above

246 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
iv. An item of adjustment is shown Financial Statements
a) only in trading account
b) only in profit and loss account
c) only in balance sheet
d) in trading account or P&L A/c and also in Balance Sheet
Notes

WHAT YOU HAVE LEARNT

• Necessary adjustments are required at the time of preparation of financial
statements in order to ascertain the correct profit and financial position
of the business.
• Closing stock is the stock of goods which remains unsold at the end of an
accounting year. Adjustment is done in Trading Account and Balance Sheet.
• Outstanding Expenses refer to the expenses relating to current year but which
have not been paid during the current year. Adjustments is done in Trading
Account, Profit and Loss Account and Balance Sheet.
• Prepaid Expenses or expense paid in advance refer to those expenses which
relate to future year. Adjustments is done in trading account, profit & loss
account and balance sheet.
• Depreciation on fixed Assets refers to Decrease in the value of fixed assets
due to their use, wear and tear. Adjustment is done in profit and loss account
and balance sheet.

TERMINAL EXERCISE
1. What is meant by an adjustment entry?
2. Why is it necessary to pass adjusting entries in financial statements?
3. Write short notes on :-
a) Outstanding Expenses b) Prepaid Expenses
4. Explain the following adjustments and their treatment in the financial
statements : a) Closing Stock b) Depreciation
5. From the following trial balance of M/s Sakshi Garments. Prepare
Trading & Profit and Loss Account for the year ending 31st March 2012
and Balance Sheet as on that date.
Particulars Dr. (`) Particulars Cr. (`)
Stock (1.4.2011) 13,800 Capital 65,000
Purchases 52,000 Sales 74,400
Wages 4,000 Purchase return 1,500

ACCOUNTANCY 247
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements Sales Returns 2,400 Discount 450
Land & Building 40,000 Creditors 6,500
Plant & Machinery 24,500 Interest 600
Debtors 5,250 Commission 700
Cash in hand & bank 8,750 Bank Loan 26,000
Notes Office Rent 2,200
Postage 400
Insurance 1,500
Freight 1,400
Fuel & Power 2,450
Furniture 4,500
Motor Car 12,000
1,75,150 1,75,150

Adjustments
i. Stock on 31.3.2012 ` 25,000
ii. Write off depreciation on furniture 10% and on Plant & Machinery 20%
iii. Wages outstanding amounted to ` 650 and rent outstanding was
`200. Pre-paid insurance amounted to ` 300.
6. From the following particulars for the year ending 31.3.2012 of M/s Pant.
Bros. prepare Trading Account, Profit & Loss Account and a Balance Sheet
as on 31.3.2012
Particulars Dr. (`) Particulars Cr. (`)
Capital 4,00,000 Salaries 1,20,000
Opening Stock 85,000 Rent & Taxes 40,000
Purchases 4,20,000 Postage & Telegrams 25,000
Creditors 75,000 Interest Paid 20,000
Debtors 1,20,000 Furniture 2,00,000
Sales 8,10,000 Insurance 1,00,000
Discount received 18,000 Freight 20,000
Discount allowed 16,000 Cash in hand 50,000
Purchases Returns 20,000 Cash at bank 47,000
Sales Returns 10,000 Motor car 50,000
Adjustments
1. Closing stock valued as on 31.3.2012 ` 1,70,000
2. Salaries outstanding ` 12,000
3. Charge depreciation on Motor Car @ 10% P.A.

248 ACCOUNTANCY
 Financial Statements (With Adjustments) MODULE - V
Preparation of
7. From the following information of M/s Bhanumati Traders you are required Financial Statements
to prepare Trading Account, Profit & Loss Account and Balance Sheet as
on 31st March 2012.
Particulars (`) Particulars (`)
Capital 2,00,000 Stock on 1-4-11 62,000
Drawings 10,000 Purchases 1,40,000 Notes
Plant & Machinery 1,00,000 Sales 2,30,000
Salaries 14,000 Purchases Returns 2,600
Printing & Stationery 2,000 Sales Returns 4,200
Discount Allowed 1,500 Freight 1,200
Debtors 25,000 Cash in hand 32,000
Creditors 40,000 Cash at bank 50,000
Insurance 3,000 Land & Building 50,000
Postage 600
Office Rent 2,600
Adjustments
Outstanding wages as on 31 March 2012 - ` 2,500
Outstanding Salaries ` 700
Prepaid Insurance ` 400
Closing stock ` 44,000
8. From the following information received from the books of Mr. Sahil
on 31.3.2012, you are required to prepare the Trading Account & Profit
& Loss Account for the year ending 31.3.2012 and a Balance Sheet as
on 31.3.2012
Particulars (`) Particulars (`)
Opening Stock 37,000 Capital 1,62,000
Purchases 93,500 Drawings 1,60,000
Wages 28,000 Discount received 1,600
Sales 2,49,000 Sundry Creditors 43,000
Salaries 11,000 Loan 30,000
Rent 5,500 Cash in hand 37,300
Interest Paid 2,700 Cash at bank 37,300
Discount Allowed 2,400 Debtors 86,000
Postage & Telegram 2,000 Furniture 21,400
Printing & Stationery 1,800 Motor Car 20,000
Sales Expenses 2,200 Building 60,000
Insurance Premium 5,500 Plant & Machinery 16,000

ACCOUNTANCY 249
 MODULE - V Financial Statements (With Adjustments)
Preparation of
Financial Statements Adjustments
i. Closing stock was valued at ` 30,000
ii. Depreciate
(a) Building by 5% p.a.
(b) Furniture – 10% p.a.
Notes (c) Land & Building – 15% p.a.
(d) Motor Car – 20% p.a.
iii. Rent outstanding `1,500
iv. Prepaid Insurance ` 300

ANSWER TO INTEXT QUESTIONS

15.1 (i) closing stock(ii) outstanding expenses
(iii) closing stock (iv) adjustments
15.2 (i) d (ii) c (iii) a (iv) b
15.3 I. (i) True (ii) False (iii) False (iv) False
II. (i) asset(ii) Liability (iii) Asset (iv) Debit
(v) Balance Sheet (vi) Depreciation
(vii) Financial position (viii) Liability side, Balance Sheet
(ix) Debit side Trading A/c, Liability
(x) Profit or Losses
III. (i) a (ii) a (iii) a (iv) d
ACTIVITY FOR YOU
• Assuming that your father is a businessmen, running a small shop as a sole
proprietor and maintains the accounts of the business of his own. As a student
of Accountancy one day you came to know that no adjustment entry was
done by your father while preparing final accounts of his business. You are
required to reprepare the final accounts by passing necessary adjustment entries
in your father business books of account.

250 ACCOUNTANCY
 Notes

MODULE - VI
Maximum Marks Hours of Studies
9 18

Computer in Accounting
This module will enable the learners to understand the meaning and characteristics
of a computer with its components and limitations. It also emphasises on use of
computers in Accouning. It will also make you to learn the difference between manual
accounting and computerised accounting. One should be able to know the basic
requirements of computerised accouning. Once you are able to know the use and
importance of computers in accouning you must understand the meaning, features
and importants steps for starting Tally ERP 9.0, together with how to create a company
in Tally.

Lesson 16 : Computers in Accounting

Lesson 17 : Introduction to Tally

ACCOUNTANCY 251
 
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