3. GOING TO DISCUSS
• Definition of Worksheet
• Types of worksheet
• Fiscal Period
• General Worksheet types
4. PRESENTATION TOPIC WORKSHEET
• What is Worksheet?
• Multiple column sheets wherein all necessary information used for the
preparation of the financial statement is recorded in a systematic process is
called a worksheet. The worksheet is not a permanent account.
• The worksheet is a multi-column sheet or a computer spreadsheet where the
accountant writes, in brief, information necessary for the preparation of
adjusting entries and financial statements.
6. GENERAL WORKSHEET
• The general worksheet contains four to six pairs of columns.
• Generally, five pair columns or ten columns worksheets can serve the
purpose of general business. These five pair columns are;
• Trial balance,
• Adjustment,
• Adjusted trial balance,
• An income statement, and
• Balance sheet.
7. DETAILED WORKSHEET
• The detailed worksheet is prepared for containing more detailed information
over a general worksheet.
• Sometimes extra sheet containing columns are enclosed for explaining
particular items. The matters for which item-wise lists are to be prepared are:
• Accounts receivable and accounts payable lists,
• Production expenditure lists,
• Insurance premium lists etc.
8. AUDIT WORKSHEET
• Audit worksheet is used for preparing financial statements and lists for
various uses of business concerns. The audit worksheet is prepared in the
light of the auditing of various items included in the worksheet.
9. FISCAL PERIOD
• Also known as an accounting period.
• It's the period of time that business reports financial information.
• Business determines the length of fiscal period based on how often it needs
information to make decisions.
• Most fiscal periods begin at beginning of a month: Jan 1, Aug 1, etc.
• Summarize detail from ledger onto the trial then prepare work sheet then
prepare financial statements.
10. WORK SHEET
• An accounting form used to summarize the general ledger information that's
needed to Prepare the financial statements.
Account titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Debit credit debit credit debit credit debit credit debit credit
Cash 40000 40000 40000
Account receivable 10000 10000 10000
Supplies on hand 8000 6000 2000 2000
Prepaid insurance 12000 4000 8000 8000
Furniture and fixture 28000 28000 28000
Accumulated depr.-fu 4000 2000 6000 6000
Account payable 4000 4000 4000
Ray sorrel, capital 66000 66000 66000
Ray sorrel, drawing 16000 16000 16000
Travel service revenue 90000 90000 90000
Advertising exp. 2000 2000 2000
Salaries exp. 32000 2400 34400 34400
Rent exp. 10000 10000 10000
Miscellaneous exp. 6000 6000 6000
164000 164000
Supplies exp. 6000 6000 6000
Insurance exp. 4000 4000 4000
Depreciation exp. 2000 2000 2000
Salaries payable 2400 2400 2400
168400 168400
Net income 25600 25600
90000 90000 104000 104000
11. WORK SHEET – TRIAL BALANCE
• Extend all Balance Sheet account balances
• Extend up-to-date asset account balances to Balance Sheet debit column
• Extend up-to-date liability account balances to Balance Sheet credit column
• Extend the owner's capital and drawing account balances to the Balance Sheet
columns
• Extend all Income Statement account balances
• Extend up-to-date revenue account balances to the Income Statement credit column
• Extend up-to-date expense account balances to the income statement debit column
12. WORK SHEET - ADJUSTMENTS
• At the time of making adjustments, if there does not exist any
item in the trial balance for debiting and crediting, these
adjusting items are to be written below the trial balance under
appropriate head(s) in debit and credit columns of adjustment.
• To identify the adjusting items separate code numbers for each
item be given in debit and credit columns. Thereafter debit and
credit columns of adjustments are totaled for assuring their
agreement.
13. WORK SHEET – ADJUST TRIAL BALANCE
• Writing necessary adjustments in the adjustment column, the
balance of every account relating to adjustments is ascertained
and thereafter all ledger account balances including adjusted
ledger balances are recorded in the debit and credit columns of
adjusted trial balance.
• That is, unadjusted balances of trial balance are adjusted as per
rules and these are written down in the column of adjusted trial
balance.
• Writing all ledger balances – adjusted and unadjusted in
adjusted trial balance totals of debit and credit are ascertained
14. CALCULATE FOR INCOME STATEMENT
• Total Income Statement and Balance Sheet columns.
• Calculate Net Income or Net Loss amount by taking difference between
Income Statement credit column total and Income Statement debit column
total.
• Write amount of net income or net loss below smaller of two Income
Statement column totals.
• Extend the same amount the smaller of two balance sheet column totals.
15. WORK SHEET - BALANCES SHEET
• Extend all Balance Sheet account balances
• Extend up-to-date asset account balances to Balance Sheet debit column
• Extend up-to-date liability account balances to Balance Sheet credit column
• Extend the owner's capital and drawing account balances to the Balance Sheet
columns
• Extend all Income Statement account balances
• Extend up-to-date revenue account balances to the Income Statement credit column
• Extend up-to-date expense account balances to the income statement debit column
• The total amount of revenue (credit column) is more than total amount of expenses
(debit column) therefore the business had net income (made money).
16. Last Of all . I Would Like to Thanks My Honorable Teacher
Right by me for Listening my presentation.
That’s All
Mafizur Rahman
