how did prepare the trail balance & profit & loss A/c and
balance sheet
- 1 Answers
- 4271 Views
- I also Faced
- E-Mail Answers
Answer Posted / rishabh shah
India follows IASB (International Accounting Standard
Board).Basically for any expenses or revenue their would be
an voucher entry and this vocuher would be inturn posted as
an Journal Entries. Jounral Entries works on three
standards,
1. Nominal Account
2. Real Account
3. Personal Account
Once the Journal Entry is prepared, it would be posted into
Ledger, Trial Balance, profit and loss statment and finally
Balance sheet.
Inshort it follows the below flow chart !!!
Voucher > Journal Entry > Ledger > Trial Balance > Profit
and Loss Account > Balance Sheet.
| Is This Answer Correct ? | 16 Yes | 1 No |
Post New Answer View All Answers
What is the definition of manual accounting?
Sir, I want to know about Entry Tax. I purchased the Packing Box from other state.the entry tax on the packing items is 5 %.but now sale tax deptt. close the entry tax on barrier. the tax will be deposited with return. sir we want to know can i deposit this entry taxon on CST challan or not. if not then how can i deposit, or which cloumn in return shown this amount. please send the return format my mail ID is happynlg@gmail.com
What is the Corporate Tax, Minimum Alternate Tax, Professional Tax, Business Tax Describe Me
Explain what knowledge should financial accountant have?
hi i want to run vendor debit memo after he paid all amount i want to give discount through miro i am giving the price and quantity and run in through miro the system will pass another two more line iteams extra and shwoing dr/cr balance +/- when i will increase the amount this is also increasing what is the reason i dont know please send me immediately
What is debit and credit note?
Wha is difference between expenses and expenditure
in trading credit why does goods sent on consignment come?
What is the difference between a cash flow statement and an accural profit & loss account ? And why do simple organisations do not feel the need for a profit and loss type of statement ?
WE PURCHASED ONE ASSET,HOW CAN WE CALCULATE EXCISE DUTY,VAT,SERVICE TAX?[IN CASE OF SELLING PURPOSE OR OWN PURPOSE].SHALL WE CLIME CREDIT ON THAT?THEN HOW?
Tell me do you have any professional experience of this field?
what is apply SI post
what is valuation code and valuation modifier in sap fico
export sales contract and domestic sales contract? india's trade in commercial services?
Can we Put "TAX INVOICE" in the sale in Transit (E1) Invoice.
