Hi Forum,
I would like to know adjustment account.
Few points would like to ask. Hope can reply point by point.
a) It is p&l or balance sheet?
b) what is the use of adjustment account?
c) if p&l, it is exp or rev account?
d) if bs, it is payable or receivable?
e) it should be cleared at the end of the day?
Rgds
thanks