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adjustment

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 June 2011 adjustment

1)The creditors outstanding for library books amounted to Rs. 30000 at the end of the financial year 2009–10.

solve adjustment.

thanks.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
20 June 2011 Library books is capital assets and should appear in the Fixed assets schedule. Now the liability for purchase of library books is to be debited to the library books and credited to the creditors. As has been given buy you it is nothing but estimated. The liability should be provided on actual basis.
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