The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
how to prepare accounts in travels
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
1. Journalize transactions, Post to the accounts, Prepare a trial Balance. 2. Post to the accounts, Journalize transactions, Prepare a trial Balance. 3. Prepare a trial Balance, Journalize transaction, Post to the accounts
don't know and what control of accounts do you need in a business
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
It is a branch which had able to prepare its own accounts on its books then we say that is an independent branch. Accounts prepared by it is technically called as independent branch accounts.
Not sure, but all your base are belong to us.
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year.
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
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.
Describe the data which will be used to prepare the account receivable aging report
is it a liability
It is deffered cost
The liquidator's final statement of account is the account of winding up.
bill wise detail (on account)
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In the accounting process there will be various & those transactions will be journalised,posted in ledgers than according to the clasifications, after that balancing of ledger accounts will be made. After the end of the process before preparing Final accounts it is the duty of the accountant to satisfy him self about the correctness of the posting amounts and the balances. To know the arthimatical accuracy of the accounts the accountant will prepare Trial Balance which will help him to check the accuracy of the the accounts Biraj Joshi Nepal 0977-9849824360
The keyword "final" means that the data will not be able to be edited at a later time. The code: final int accounts = 10; would make the integer "accounts" equal to ten and would return an error if you were to later do something like: accounts = 5; This is useful if you want to make sure that you don't accidentally change data.