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Financial Statements - 2

At Saralstudy, we are providing you with the solution of Class 11th accountancy Financial Statements - 2 according to the latest NCERT (CBSE) Book guidelines prepared by expert teachers. Here we are trying to give you a detailed answer to the questions of the entire topic of this chapter so that you can get more marks in your examinations by preparing the answers based on this lesson. We are trying our best to give you detailed answers to all the questions of all the topics of Class 11th accountancy Financial Statements - 2 so that you can prepare for the exam according to your own pace and your speed.

Since final accounts are prepared on an actual basis, this is a need for adjustment. Closing stock is the goods lying unsold at the end of the current accounting period. It is shown in the trading account and assets side of the balance sheet. Such expenses are shown in a profit and loss account and liabilities side of the balance sheet. Prepaid expenses are the expenses which have been paid in advance during the current financial year. Such expenses are shown in the assets side of the balance sheet and deducted from the concerned expenses in trading and profit & loss accounts.

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Exercise 1

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