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Answer Posted / h.r. sreepada bhagi
Best way to learn finalization of accounts (Preparation of
P&L A/c & B/S) is to work in a Firm/Company fro some time
and learn it from experienced Accounts staff/Managers. You
can not start with preparation of Balance Sheet from the
beginning of your career. Basic requirement is to work and
get to know the documentation & accounting requirements.
Once you are through with it study the P&L & Balance Sheet
of the company for previous years, take guidance from
seniors and give a try yourself.
Since it has lot of implications, it's not something that
can be learned through a forum like this. If you work in any
Chartered Accountants Firm, then it will be the best place
to learn.
| Is This Answer Correct ? | 2 Yes | 1 No |
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can any accountant forward format of daily or monthly mis format for accounts and finance dept!!
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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