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what is the finalisation of balancesheet and how it can be
made
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Answer / manish sharma
Finalisation of balance sheet is to prepare the summary of
accounts after all adjustments & provisions like
depreciation of fixed assets, provision for doubtfull
debts, provision for deffered tax liabilities/assers,
provision for various taxes etc. It is prepared as per
standard Format:
M/s .................
Balance Sheet
(For the Year ending as on.....200...)
____________________________________________________________
Liabilities |Amt. | Assets | Amt.
_____________________|_____|_________________________|______
Capital | | Fixed Assets |
Loans and advances | | Current Assets |
Reserves & Provision | | Preliminary exp. |
Cureent Liabilities | | |
_____________________|_____|_________________________|______
_______________Total_|_____|___________________Total_|______
_
| Is This Answer Correct ? | 121 Yes | 15 No |
Answer / mahesh
Finalisation of Balance sheet:- Finalisation of Balance
sheet prepare the Summary of Accounts.
There is some steps.
1.First we need take ladger closing balance and prepare the
Trail balnce.
2.we need to prepare the trading and profit&loss A/c
basised on Trail balance and Adjestments.
3.we need to make a working notes also its best for
understanding.
4.final we will prepare a Balance sheet.
It is prepared as per standard Format:
M/s .................
Balance Sheet
(For the Year ending as on.....200...)
____________________________________________________________
Liabilities |Amt. | Assets | Amt.
_____________________|_____|_________________________|______
Capital | | Fixed Assets |
Loans and advances | | Current Assets |
Reserves & Provision | | Preliminary exp. |
Cureent Liabilities | | |
_____________________|_____|_________________________|______
_______________Total_|_____|___________________
| Is This Answer Correct ? | 73 Yes | 11 No |
1) Ensure all the incomes and expenses are booked 2) Ensure
provisions are made for income receivable and expenses
payable for the period of the financial year 3) Provide
depreciation on fixed assets 4) Closing stock valuation 5)
In case of partnership firm there is a limit for interest to
partners, remuneration to partners. 6) Check the GP ratio
whether matching with the previous year, if there much
variation, it should be justified. Netprofit ratio may
change depending upon the administrative expenses. But there
should be a proper justification if there variation in GP ratio.
| Is This Answer Correct ? | 32 Yes | 6 No |
Answer / pravin borkar
Finalization of balance sheet is to organize the summary of
Accounts as conclusion balance and all adjustments &
provisions like
depreciation of fixed assets, provision for doubtfull
debts, provision for deffered tax liabilities/assers,
provision for various taxes and other exp etc. It is
prepared as per
standard Format for showing details of condition of
organization
| Is This Answer Correct ? | 28 Yes | 7 No |
Answer / shamshad qazi
Income Statement is prepared on the basis of Accrual.
Therefore we will record all expenses to be incurred
together with already incured but imcome is recorded only
when it is realised either in cash or otherwise.Fixed
Assets are the most important part of any Balance sheet
therefore we should carefully depreciate/amortize the fixed
assets accordingly.Profit should be added to the capital
and loss should be deducted. But preparation of all Ledgers
are the primary task.The carrying amount of all the ledgers
help to prepare the balance sheet.
| Is This Answer Correct ? | 24 Yes | 3 No |
Answer / pankaj kumar
Finalization of balance sheet is to close the balance sheet after preparing the profit and loss account considering the adjustment of depreciation, Outstanding Exp, Accrued Income etc. The profit or loss should be transfer to capital Account.
| Is This Answer Correct ? | 22 Yes | 5 No |
Answer / priyanka kathiriya
Finalisation of balance sheet is to prepare the summary of
accounts after 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.
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.
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / 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.
| Is This Answer Correct ? | 5 Yes | 1 No |
why net profit is added to balance sheet, is there any reason
Expand------ARN
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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