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Chapter No. 18 – Financial Statements – (With Adjustments) – USHA Publication Class +1 – Solution

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In this article, we have provided the Question wise solution to all Chapter No. 18 – Financial Statements – (With Adjustments) – USHA Publication Class +1 – Solution, But first of all, we have explained the meaning of Depreciation: –

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Meaning of Final Accounts

Final Accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. It is a combination of the following statement: –

  1. Trading Account
  2. Profit and loss account
  3. Balance Sheet

Every businessman started a business to earn some income from it. Profit is the net income that the owner gets from the business. To calculate profit or loss, An accountant has made the final accounts for the business for a particular accounting period(i.e. One year starting from 1st April and ending 31st March).

On the basis of the Trial balance, An accountant prepares the final accounts or financial statements for the particular period of time for reporting the management of the business. The final accounts are prepared to throw light on the financial results of the operation of the business during the particular accounting period of time and the financial position of the business at that period of time.

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Final Accounts: Meaning, Definition and Explanation

Chapter No. 18 – Financial Statements – (With Adjustments) – USHA Publication Class +1 – Solution

The question-wise solution to all Questions of Chapter No. 18 – Financial Statements – (With Adjustments) – USHA Publication Class +1 – Solutions are shown below: –

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