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what are adjusting entries?
and why we are dioing it?

Answers were Sorted based on User's Feedback



what are adjusting entries? and why we are dioing it?..

Answer / manas jose

adjusting entrise are those entries which are done to
rectify errors.

Is This Answer Correct ?    8 Yes 2 No

what are adjusting entries? and why we are dioing it?..

Answer / accounting guru ranjith

I'll make it easy by a simple example
Actual salary paid by the company is Rs10000
But there is an outstanding amount of Rs2000 payable to the
employee. Expense side of the P&L account should show the
total amount(salary paid and payable)
Salary A/C
To Salary outstanding

Is This Answer Correct ?    4 Yes 1 No

what are adjusting entries? and why we are dioing it?..

Answer / satyaki_raju@yahoo.com

The need to pass adjustment entries to close down the
revenue accounts with the full utilisation in the
financial year and to rectify the mistakes if any in the
passing of entries

Is This Answer Correct ?    2 Yes 0 No

what are adjusting entries? and why we are dioing it?..

Answer / nagaraju

adjustment entries are doing to tally balance sheet itmes.

Is This Answer Correct ?    1 Yes 0 No

what are adjusting entries? and why we are dioing it?..

Answer / b.narasimha rao

Adjusting entries are prepared at end of the accounting
year for reflect the correct balance between cash method
and accural method

Is This Answer Correct ?    0 Yes 0 No

what are adjusting entries? and why we are dioing it?..

Answer / b.narasimha rao

ADJUSTING ENTRIES ARE PREPARED AT THE END OF THE
ACCOUNTING PERIOD FOR CORRECT BALANCE REFELECT THE INCOME
AND EXPENDITUR BETWEEEN THE CASH AND ACCURAL METHODS

Is This Answer Correct ?    1 Yes 1 No

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