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what is the finalisation of balancesheet and how it can be
made
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Answer Posted / ranjit kumar padhy
1. Finalization of balance sheet is to close the balance
sheet after preparing the profit and loss account
considering all adjustments & provisions i.e.
depreciation of fixed asstes, provision for doubtfull debts,
provision for deffered tax and other expances. first of all
prepare all ledger accounts and trial balance after prepare
trading a/c and profit&loss a/c after we have finalize of
balance sheet.The profit or loss should be transfer to
capital Account
2.It is prepared as per standard Format for showing details
of condition of organization
3. Two side of balance sheet one is liabilities and second
is assets. liabilities side include capital, loans &
advances,provision & reserves, current liabilities and
assets side include fixed assets, current assets,
preliminary expances.
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