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
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.
Account which are opened in the books of head office and branches, related to branches are called branch accounts. The main objective of these accounts is to know the working ability and profit and loss of branches. They also includes the final accounts related to them, by which their financial condition is known.
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
Trial balance
is it a liability
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.
"Numerical" means "related to numbers".
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.
Account which are opened in the books of head office and branches, related to branches are called branch accounts. The main objective of these accounts is to know the working ability and profit and loss of branches. They also includes the final accounts related to them, by which their financial condition is known.
numerical statistics behind boiled-eggs
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
Trial balance
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
To undertake numerical calculations. Accounts, inventory, statistical analysis and statistical forecasting.
It is deffered cost
is it a liability
is it a liability