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Answer Posted / g.n.senthil kumar
Throughout the year, all the transactions has been entered
and it should be properly audited following the systems.
Once it was done the closing entries to be posted, we will
get TRIAL BALANCE. From the Trial Balance we can prepare
Trading and Profit & Loss Account with all adjustments such
as Acrued, Prepaid expenses and gains. with help of Profit
and Loss account we came to know Profit Condition. With
help of Opening Balance sheet, we can prepare Balance sheet
for the Previous year. Usually it should be prepare at the
end of March.
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