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Adjustments in Preparation of Financial Statements — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAdjustments in Preparation of Financial Statements1 Mark
Question
How are Outstanding Expenses shown in the Final Accounts?
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Answer

Outstanding Expenses are added to the relevant expense and shown either in the Trading Account or the Profit and Loss Account. They are also shown in the Balance Sheet on the Liabilities side under the main head Current Liabilities.

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