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Answer Posted / sridharsdn@gmail.com
In Accounting Life cycle first we start any business
transaction by preparing vouchers.
Through Vouchers we will prepare General Entries.
Through General Entries we will prepare Accounts.
Through Accounts we will prepare Trial Balance (for
checking of arithmetical accuracy) .
Through Trial Balance we will prepare P & L Accounts.
Through Profit and Loss Accounts we will prepare Balance
Sheet.
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