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Answered 2012-03-09 11:35:10

Firstly we should prepare Trading A/C n profit n loss A/C and at last balance sheet of the company..

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The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.


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Why do businesses prepare control accounts?

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while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts


Independent branch accounts?

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Who are accounts prepare for?

Not sure, but all your base are belong to us.


What is the procedure of finalisation of accounts?

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Numerical of accounts related to final accounts?

First of all we journalise the entries and post into the ledgers and again prepare the trial balance after that trading and profit & loss a/c balance sheet. Again we will have to analyse the all aspects for decision makin The final accounts are: Manufacturing Account Trading Account Profit And Loss Account Profit and Loss Appropriation Account and Balance Sheet. The process of finalisation is something like this: Prepare a Trial Balance See whether it agrees or not If it does not agree then investigate the ledgers That process means that see whether Purchase ledger tallies with cash book purchase entries etc. After that you are ready to finalise the accounts but provide for taxes prepare provision for doubtful debts prepare gross block of fixed assets and depreciation prepare net block of fixed assets prepare gross and net block of inventory and value inventory at cost or market value whichever is less for this purpose the market value of the inventory need to be ascertained prepare bank reconciliation statement and tally all bank balances with bank accounts prepare gross and net block of furniture and fixtures provide for wages and salaries etc if they are payable after finalization period


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Trial balance


What are the steps in the accounting cycle?

The 8 steps in an accounting cycle areRecord transactions in journal.Post transactions to ledger accounts.Prepare adjusting entries at end of fiscal period and post to ledger accounts.Prepare summary of account balances.Prepare income statement from revenue and expense account balances.Close revenue and expense accounts to Retained Earnings.Prepare post-closing summary of account balances.Prepare balance sheet and statement of cash flows.


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When do you create a method or a class final?

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