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pass adjustment for class 12 page 109 ncert Related: Past Adjustments...
Pass Adjustment for Class 12 Page 109 NCERT
Past Adjustments in Accounting
Past adjustments in accounting refer to the adjustments made to correct the errors or omissions of the previous accounting period in the current accounting period. These adjustments are made to ensure the accuracy of the financial statements and to reflect the true financial position of the business.
Types of Past Adjustments
- Adjustments for omission
- Adjustments for commission
- Adjustments for principle
- Adjustments for partial omission and commission
Process of Making Past Adjustments
The process of making past adjustments involves the following steps:
- Identifying the errors or omissions in the previous accounting period
- Determining the effect of these errors or omissions on the financial statements
- Making the necessary adjustments in the current accounting period
- Preparing revised financial statements to reflect the corrections
Example of Past Adjustment
Let's consider an example of a past adjustment. Suppose a company failed to record a sales return of Rs. 10,000 in the previous accounting period. This error would have resulted in an overstatement of revenue and an understatement of accounts receivable. To correct this error, the company would need to make the following adjustment in the current accounting period:
- Credit revenue account by Rs. 10,000
By making this adjustment, the company would be able to accurately reflect its true financial position in the current accounting period.
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pass adjustment for class 12 page 109 ncert Related: Past Adjustments...
109 page pass adjustment for 12 NCERT no.36
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pass adjustment for class 12 page 109 ncert Related: Past Adjustments - Class 12, Accountancy?
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