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how did prepare the trail balance & profit & loss A/c and
balance sheet
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Answer Posted / rishabh shah
India follows IASB (International Accounting Standard
Board).Basically for any expenses or revenue their would be
an voucher entry and this vocuher would be inturn posted as
an Journal Entries. Jounral Entries works on three
standards,
1. Nominal Account
2. Real Account
3. Personal Account
Once the Journal Entry is prepared, it would be posted into
Ledger, Trial Balance, profit and loss statment and finally
Balance sheet.
Inshort it follows the below flow chart !!!
Voucher > Journal Entry > Ledger > Trial Balance > Profit
and Loss Account > Balance Sheet.
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