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  • Describe the need for adjustments while preparing the financial statements;
  • Explain the accounting treatment of adjustments for outstanding and prepaid expenses, accrued and advance receipts of incomes;
  • Discuss the adjustments to be made regarding depreciation, bad debts, provision
  • For doubtful debts, provision for discount on debtors;
  • Explain the concepts and adjustment of manager's commission and interest on capital;
  • Prepare profit and loss account and balance sheet with adjustments;
  • Make vertical presentation of financial statements.  

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