what is finalisation of accounts.
- 5 Answers
- 11503 Views
- Bank Of America, BoA, I also Faced
- E-Mail Answers
Answer Posted / suresh kumar varshas
In accounting paralance, finalisation of accounts means
closing the books of entry for the financial year.
This is done as follows:
Prepare as TRIAL BALANCE based on the Ledger accounts.
With the help of T/B, prepare the Final Accounts, namely:
Trading & Profit and Loss Account
Balance Sheet.
Post all the direct expenses and income in TradinG Account.
TOTAL DIRECT INCOME - TOTAL DIRECT EXPENSES = GROSS PROFIT.
Carry forward the Gross Profit to P& L A/c
| Is This Answer Correct ? | 6 Yes | 1 No |
Post New Answer View All Answers
Can I check my Vantage credit score range online?
Paid office electricity charges Rs 15000/- and Ram partners residence electricity charges 1250 thr andhra bank cheque
what is the entry for goods sent from one factory to another under inter branch transfer sale of the same compny and what should be the valuation for this purpose?
Hi frnds, can any one tell me how much funds has to be there to convince financially sound during the visa interview and what supporting documents has to be produced. What is backlogs means.....hope the best known will answer.
Define Payee
what are the rules and regulations of junior accountant
how can i make transaction related to inflation account in sap ?
Ram, the proprietor brought additional capital of Rs 75000/- by pledging his wifes gold.pass entry
What is meant by Revenue Loss
Prepare a trading account, profit and loss Account and Balance sheet form the following trail balance and other adjustments as on 31.12.2009 Adjustments: 1. Closing stock R 7060 2. Allow interest on capital at 6% p.a 3. Insurance prepaid Rs 60 4. Depreciate Building and furniture at 10% p.a. 5. Wages due Rs 40 6. Provide 10% RBD and 5% on debtors and creditors 4. From
what is Contra Asset?
what is Exposure ?
fridge was capital or revenue?
What is the difference between Balance Sheet , Chart Of Accounts and trial Balance?
Please send me full details of MIS report how to prepare which item to be consider in MIS report? 2) full details of Esic, PF and Fbt and maharashtra labour welfare fund
