Question

24. Show the treatment of the following when given in adjustment in financial statement
(I) Outstanding expenses
(ii) Income received in advance
(iii) Interest on drawings
(iv) Interest on loan borrowed​

Answer 1

Outstanding expenses
P&l dr side
Balance sheet:Liability

Income recd in advance
P&l cr side
Balance sheet :asset

Answer 2

iii

Answer:

3 os a right answer

Explanation:

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