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how can i prepare financial statement?
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WITH THE USING OF FINANCIAL DATA RELATING TO THE BUSINES
FINANCIAL DATA MEANS TRIAL BALANCE AND OTHER DATA
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / muhammad ramzan
financial statements are prepared by balances of accounts
from adjusted trial balance.profit & loss is prepared
first,then balance sheet & then cash flow statment.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / vicky
You have to prepare income earning first, then retain
earning , then balance sheet ( because to prepare retain
earning, you need to have net income or net loss), and
balance sheet statement needs retain earning.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / lalitha
Financial Statement includes trading and profit and loss
account and balance sheet of the organisation for a
relevant period.
First prepare Trading Acc to find out GROSS PROFIT/LOSS
profit and los acc to find out NET PROFIT / LOSS
balance sheet to show the affairs of the company
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / lxmi1972
Financial Statement means- Profit and Loss Account and
Balance Sheet.
Profit and Loss Account shows the current year Net Loss or
Profit of the Business for the desired year and the Balance
Sheet is the status of Assets and Liabilities of the
business entity and hence these should be prepared in
accordance with the Accounting Standards issued by ICAI.
Notes are important for the contingent Liabilities, Events
occuring after the Balance Sheet date.
| Is This Answer Correct ? | 1 Yes | 0 No |
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