what is finalisation of accounts.
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Answer / sada2siva2007@yahoo.co.in
Every company has to finalise accountants every year to
weather it got profit or loss...........
keeping the records from entry level to preparing final
statements is called finaliseing of accountant
| Is This Answer Correct ? | 36 Yes | 5 No |
Answer / kaushik
As according to concepts of Accountancy of "On Going"
concept every company has to perpare its accounts regularly
according to there beneficary that is weekly, quartly, or
yearly but they have to perpare there accounts and these
accounts are need to be verified by an auditor where by a
government or a public accountant and the basic aim of
perparing these accounts is to know the financial status of
the company.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / 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 |
Finalisation of accounts include journal entries,ledgers,
trial balance,p&la/c & balance sheet.p&l a/c & balance sheet
plays a very imp role
p&l a/c - which describes financial performance
Balance sheet - which describes financial position of company.
EVERY COMPANY HAS TO FINALISE THE ACCOUNTS EVERY YEAR
AND VERIFIED BY THE AUDITORS FOR THE EXPANSION OF THEIR
BUSINESS
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / sunil kumar nath
WHEN OUR ACCOUNTS NOT COMPLETE i.e. IT IS RUNNING, IT IS
SAID TO BE NOT FINALISED , SO AT HE END OF CERTAIN PERIOD
WHEN WE EXTRACT P&L A/C, B/S AND OTHER CLOSING REPORTS,IT
IS CALLED AS FINALISATION OF ACCOUNTS FOR THAT PERIOD.
| Is This Answer Correct ? | 7 Yes | 8 No |
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