Accounting worksheet is a very useful tool prepared by bookkeepers and accountants in orderly way to summarize the data for financial statement. It is the concluding step of accounting cycle. This Worksheet is comprised on year end reports like unadjusted trial balance then adjusting entries then adjusted trial balance and financial statements.
Accounting Worksheet Format
Basically this worksheet format is a tracking spreadsheet of accounting cycle steps. It is a six column worksheet, each column having debit and credit columns with a total calculating amount at the end.
Preparation
When accounting management of a business unit intends to prepare worksheet for accounting adjustments instead posting the said adjustments in the concerned ledger accounts, the said worksheet is developed by adopting the following procedure:
- Accounting Worksheet columns include i. account name, ii. trial balance, iii. adjustments and iv) final or adjusted trial balance
- Except for account name column, all other columns are further divided into two sub-columns for debit and credit.
- Balances are taken from original trial balance which is actually an unadjusted trial balance and written in the trial balance column of the work sheet;
- Adjusted journal entries are recorded in the ‘adjustments’ column of work sheet and relevant accounts are debited and credited accordingly based on information provided in the adjustments
- New balances are calculated after inserting adjustments and are written in the last column of the worksheet named ‘adjusted trial balance’. In this way, we get adjusted trial balance which is ready to be used for preparation of final accounts;
- Both the debit and credit columns of this adjusted trial balance to confirm the arithmetic accuracy of both adjustments and calculations made.
Example
Following is the sample accounting worksheet of M/s A Traders as on 31st December.
|
M/s A Traders
|
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|
Accounting Worksheet
31 December
|
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| ITEMS |
TRIAL BALANCE (UN-ADJUSTED) |
ADJUSTMENTS |
TRIAL BALANCE (ADJUSTED) |
|||
| Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |
|
Cash in hand
|
4,500
|
–
|
–
|
–
|
4,500
|
–
|
|
Cash at bank
|
3,700
|
–
|
–
|
–
|
3,700
|
–
|
|
Accounts receivables
|
2,500
|
–
|
–
|
–
|
2,500
|
–
|
|
Prepaid rent
|
1,500
|
–
|
–
|
–
|
1,500
|
–
|
|
Furniture
|
2,700
|
–
|
–
|
–
|
2,700
|
–
|
|
Machinery
|
4,000
|
–
|
–
|
–
|
4,000
|
–
|
|
Land
|
5,000
|
–
|
–
|
–
|
5,000
|
–
|
|
Fee receivable
|
–
|
–
|
100
|
–
|
100
|
–
|
|
Supplies expenses
|
2,600
|
|
|
200
|
2400
|
–
|
|
Supplies inventory
|
–
|
–
|
200
|
–
|
200
|
–
|
|
Advertisement expenses
|
1,200
|
–
|
–
|
–
|
1200
|
–
|
|
Salaries expenses
|
500
|
|
400
|
|
900
|
|
|
Depreciation
|
–
|
–
|
150
|
–
|
150
|
–
|
|
Bad debts expenses
|
–
|
–
|
50
|
–
|
50
|
–
|
|
Account payable
|
–
|
1,000
|
–
|
–
|
–
|
1,000
|
|
Notes payable
|
–
|
2,000
|
–
|
–
|
–
|
2,000
|
|
Accumulated depreciation
|
–
|
500
|
–
|
150
|
–
|
650
|
|
Allowances for bad debts
|
–
|
100
|
–
|
50
|
–
|
150
|
|
Bank borrowings
|
–
|
2,000
|
–
|
|
–
|
2,000
|
|
Capital
|
–
|
18,000
|
–
|
|
–
|
18,000
|
|
Revenue
|
–
|
3,800
|
–
|
100
|
–
|
3900
|
|
Commission received
|
–
|
800
|
500
|
|
–
|
300
|
|
Un-earned commission
|
–
|
–
|
–
|
500
|
–
|
500
|
|
Salaries payable
|
–
|
–
|
–
|
400
|
–
|
400
|
|
|
|
|
|
|
|
|
|
Total
|
28,200
|
28,200
|
1,400
|
1,400
|
28,900
|
28,900
|
For your convenience you can also prepare 10 column worksheet by adding income statement and balance sheet column. Here bookkeeps and student can freely download accounting worksheet template in excel.