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what is the finalisation of balancesheet and how it can be
made
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Answer Posted / viswanatha reddy
1) Ensure all the incomes and expenses are booked 2) Ensure
provisions are made for income receivable and expenses
payable for the period of the financial year 3) Provide
depreciation on fixed assets 4) Closing stock valuation 5)
In case of partnership firm there is a limit for interest to
partners, remuneration to partners. 6) Check the GP ratio
whether matching with the previous year, if there much
variation, it should be justified. Netprofit ratio may
change depending upon the administrative expenses. But there
should be a proper justification if there variation in GP ratio.
| Is This Answer Correct ? | 32 Yes | 6 No |
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