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what is the finalisation of balancesheet and how it can be
made
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Answer Posted / shamshad qazi
Income Statement is prepared on the basis of Accrual.
Therefore we will record all expenses to be incurred
together with already incured but imcome is recorded only
when it is realised either in cash or otherwise.Fixed
Assets are the most important part of any Balance sheet
therefore we should carefully depreciate/amortize the fixed
assets accordingly.Profit should be added to the capital
and loss should be deducted. But preparation of all Ledgers
are the primary task.The carrying amount of all the ledgers
help to prepare the balance sheet.
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