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.
