what is finalisation of accounts.
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Answer Posted / suresh kumar varshas
In accounting paralance, finalisation of accounts means
closing the books of entry for the financial year.
This is done as follows:
Prepare as TRIAL BALANCE based on the Ledger accounts.
With the help of T/B, prepare the Final Accounts, namely:
Trading & Profit and Loss Account
Balance Sheet.
Post all the direct expenses and income in TradinG Account.
TOTAL DIRECT INCOME - TOTAL DIRECT EXPENSES = GROSS PROFIT.
Carry forward the Gross Profit to P& L A/c
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