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12-Jul-19
Work sheets
Completing the
Accounting Cycle
Collecting and summarising data (adjusting entries and
account balances)
Not a formal accounting record
Prepared by using a spread-sheet program on a computer
Helpful tool in preparing financial statements
Chapter 4:
Objectives
Work sheets
Prepare
6 Columns
1st : Account title
2nd : Trial balance
3rd : Adjustments
4th : Adjusted Trial balance
5th :Profit and loss Statement
6th: Balance sheet
a work sheet
Prepare
financial statements from a
work sheet
Contents
Steps in completing a work sheet
Work sheets
Step 1: Enter Trial Balance
Steps in completing a work sheet
Step 2: Enter Adjustments (Accounts are added – as
needed)
Financial statements
Step 3: Determine Adjusted Trial Balance
Step 4: Place adjusted amount to PL or BS
Step 5: Determine profit or loss (The difference between
Dr and Cr of PL)
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12-Jul-19
Financial statements
Profit and loss statement
Statement of Owner’s Equity
Balance Sheet
Balance Sheet
Assets
Liabilities
Profit and loss statement
Current Assets
Fixed Assets
Current Liabilities
Long-term Liabilities
Owner’s Equity
Closing Entries
Revenues
Accounts in PL should have no balances
Expenses
Closing these balances by transferring them to Profit and
Loss Summary
This is called the Closing Process. Transferring entries are
called Closing Entries
Statement of Owner’s Equity
Opening Balance of OE
Additional Investment (if any)
Net profit/(loss)
Withdrawals
Closing Balance of OE
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