HI
Everybody here
what items coming under the Accounting Adjustments / year end adjustments if explained then its good for knowledge.
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Accounting adjustment
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Pre Paid Expenses for example Insureance paid up to qtr ending June we can a/c as prepaid expenses for may & june. Rent,Telephone Bill, Eb Bill other expenses payable for the month ending whereas woudl have paid in April only i.e, next FY can be provided as follows.
Expenses A/c ... Dr
To Provision for FY200...- .. /Provision for Expenses Cr.
Altogether if an expeses/income pertains to previous FY & subsquently paid can be made provisions.
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