What is finalization
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Answer / h.r. sreepada bhagi
The process of preparing Profit & Loss Account & Balance
Sheet with relevant schedules and notes for an Accounting
period is called Finalization of Accounts.
The Final Accounts are signed by the
proprietor/partner/directors of the business organization &
also by the auditors & company secretary (wherever
required). The finalised accounts will be presented to the
board of directors, shareholders in AGM & filed with the
concerned government departments,.
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Answer / mazahar
finalization in simple words,
Preparation of Profit & loss account, Balance sheet and
Statement of Shareholder equity, and need to provide report
to management. Management concern Finance manager,Director,
board members,GM. Closing of all revenue account, expenses
account, retained earning account and income account.and
Cash flow statement, with complete audit report and notes.
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Answer / vineeth .kp
After completion of the procedure of accounting ,we usually
compare with the trading p/l and balace sheet with the
previous year assessment.according to the accounting
principles the company or business firm that we are dealing
is supposed to make profit achievement for the future
growth.such a procedure to make comprison with the final
accounts are yet together said to be finalisation of
accounts.
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Accounting periode is normaly one year, bot accounting periode is for 5 year is possible or not?plz list the name of organistaion whose accounting periode is 5 year
what is Profit & Loss Account?
The following are the transactions with respect to goods traded by Gopal- i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash iii) Bought goods Rs.45,000 from Suresh & Co on credit iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000 v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs 9000) vii) Received cash from Gangadhar Rs.11,500 in full settlement. viii) Paid carriage charges on the goods purchased Rs.2,000. Find out the closing stock as on 31 -1-2005. Also, find how much is still due to Suresh?
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