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How to finalise the accounts of any private limited company?
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Answer / p ramarao
First confirm the outstanding balances for debtors and
creditors with proper evidence,and compleate bank
reconcilation ,provissions for laibleties ,and complete
stock audit if applicable, caluculate depriciation and
confirm payble taxes, Prepare P&L account and balance
sheet ,tranfer dividend to the share holders.
| Is This Answer Correct ? | 79 Yes | 4 No |
Answer / raju mogaveera
First we have to prepare Trial balance on the basis of
ledger accounts maintained by us. Then we have to prepare
Trading and profit and loss Account.And then we can prepare
Balance sheet. After this if we know about the filing of
income tax matter we can file it directly,otherwise we can
take the help of any Chartered Accountant for the purpose.
| Is This Answer Correct ? | 50 Yes | 18 No |
Answer / saket
Firstly we need to extract Trial balance from the data available with the company and make the annexures/ workings of all the ledger accounts on the basis of vouchers, bills, challans and returns of indirect taxes, stock audit, bank reconciliation, Assets blocks and calculation of depreciation , Outstanding Expenses, Prepaid Expenses etc..
Further, on the basis of these annexures make a rectified trial balance and on the basis of new trial balance Final P/L and B/S will be made.
Next step will be Tax payment and return filing.
| Is This Answer Correct ? | 0 Yes | 0 No |
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