Accountancy, asked by supriya388, 10 months ago

What is meant by past adjustment and about its concept-Accountancy(Commerce)​

Answers

Answered by itzvishuhere
1

Heya mate!!

accounts which have already been closed, the firm rectifies the error or omission by passing an adjustment entry in the beginning of the financial year. Such adjustments are called past adjustments as they relate to past period.

Hope it helps u dear✌️✌️

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