what are adjusting entries?
and why we are dioing it?
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Answer Posted / accounting guru ranjith
I'll make it easy by a simple example
Actual salary paid by the company is Rs10000
But there is an outstanding amount of Rs2000 payable to the
employee. Expense side of the P&L account should show the
total amount(salary paid and payable)
Salary A/C
To Salary outstanding
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