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BSIS3A_Team4

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BSIS3A_Team4

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  1. 8 Steps of Preparing Accounting Worksheet

  2. 1.Name of business organization and preparation date At the beginning of the worksheet the name of the organization for which worksheet is prepared is to be written in the bold form and also the date of preparation of the worksheet is to be mentioned.

  3. 2.Drawing column and mentioning the head of the column Drawing column titles are to be mentioned here.

  4. 3. Unadjusted Trial Balance After the serial number and accounts title columns, in the unadjusted trial balance, pair column ledger accounts balances are posted straight to check the agreement of trial balance. This trial balance is called pre-closing trial balance.

  5. 4. Adjustment column At the end of the accounting period, the items or transactions which have not been accounted for are written in the debit and credit of adjustment columns.

  6. 5. Adjusted trial balance column Writing necessary adjustments in the adjustment column, the balance of every account relating to adjustments is ascertained and thereafter all ledger account balances including adjusted ledger balances are recorded in the debit and credit columns of adjusted trial balance.

  7. 6. Income statement column All periodical expenses and incomes of adjusted trial balance are written in debit and credit column of income statement respectively. The profit/loss of income statement is transferred to the balance sheet if the retained earnings statement is not prepared.

  8. 7. Retained earnings statement In the case of a joint-stock company, the retained earning column is kept in the worksheet before the balance sheet column. The difference between the totals of debit and credit columns is transferred to the balance sheet column of the worksheet.

  9. 8. Balance sheet- Totals of debit and credit column of the balance sheet are equal. The number of columns of worksheets and titles of columns depends on the nature and demand of the business concern.

  10. TEAM 4: Ballonado, Bryan De Guzman, Kaith Fabia, Benjamin Guinto, Angelica Mamaradlo, Jerico Santos, Rostum Thank you for Listening. Powerpoint prepared by: Kaith De Guzman

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