Accounting (AS)·Adjustments · NSSCAS 2.1.1
Financial statements with adjustments
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Almost every Paper 1 asks you to prepare financial statements with adjustments: accrued and prepaid expenses, accrued income and income received in advance. In this lesson we take Tuyeni Traders' trial balance, work through all four adjustments step by step, and build the complete income statement and statement of financial position in the exact NIED vertical format. By the end you will own the golden rule: every adjustment changes one figure in the income statement AND appears under other receivables or other payables.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 2.1.1):
- prepare an income statement and statement of financial position including adjustments
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Miss Olivia and Mike talk through the whole topic — with the figure and working drawn live.