General purpose of statement of financial position
Briefly describe the general purpose of statement of financial position.
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The purpose of statement of financial position is to recapitulate the assets, equity and liabilities on last day of accounting period for which the statement of complete income was recorded.
Describe briefly the term Adjustment entries?
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Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% Firm is proposing to buy the new plant that could generate extra annual profit of Rs. 10,000. The fixed cost of new plant is expected to Rs. 4000. New plant would increase sales volume by Rs. 40,00
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