ADJUSTMENT

ADJUSTMENT

When a trader observes the profit & loss of his business, at the closing date then he find out some entries are due. For this he uses adjustment entry.

Example :-

     1)    Outstanding Expenses:- All those expenses which are due till the closing date are called Outstanding Expenses.

 Example:-

          a)    Salary due Rs. 1,60,000   (31-03-2014)

          b)    Salary paid till Rs. 1, 00,000   (31-03-2014)

          c)     Outstanding salary 60,000   (31-03-2014)

To do the following entries, first of all we will create a company.

After creating company we create ledger entries as follow:

Path for Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single)

After creating ledger, do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F5 (Payment Voucher)

Now view the profit & loss report:

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally) --> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single).

Now do voucher entry as follow:

Note:- All the adjustment entries are done by Journal Voucher.

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F7 (Journal Voucher).

Now view profit & loss report as follow:

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally) --> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally)--> Balance Sheet.

Press “Alt + F1” for more details.