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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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What are the duties of the final accounts department in an organisation?

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

How do prepare accounts tours and travels agency in tally?

how to prepare accounts in travels

What are the characteristics of final accounts?

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.

How do you prepare customer accounts?


Which sequence correctly summarizes the accounting process?

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

Why do businesses prepare control accounts?

don't know and what control of accounts do you need in a business

What is matching concept?

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?

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.

Who are accounts prepare for?

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

What is the procedure of finalisation of accounts?

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.

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

What is the proforma for final accounts?

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.

What data do you need to prepare an accounts receivable aging report?

Describe the data which will be used to prepare the account receivable aging report

How do you treat interest on debentures in final accounts?

is it a liability

What is preliminary expenses in final accounts?

It is deffered cost

Where does general reserve appears in final accounts?

Asset side

What is the explanation for the liquidator's final statement of accounts?

The liquidator's final statement of account is the account of winding up.

The ledger that contains all accounts needed to prepare financial statements is the?

source document

How do you prepare final account in tally?

bill wise detail (on account)

How are outstanding expenses treated in final accounts?

i don't no. please give answer.

How many types of expenses are there in final accounts?

Sofware maintence bill

Is trial balance prepared before preparation of final accounts?


What is the main purpose of producing a trial balance?

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

When do you create a method or a class final?

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.