Interested to Buy Any Domain ? << Click Here >> for more details...
how did prepare the trail balance & profit & loss A/c and
balance sheet
- 1 Answers
- 4968 Views
- I also Faced
- E-Mail Answers
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.
| Is This Answer Correct ? | 16 Yes | 1 No |
Post New Answer View All Answers
Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?
how will rectify the error in trial balance.
What is the difference in accounting and marketing and what is so different about them?
Explain me some of the examples for liability accounts?
What happens to the company's "cash account" if it borrows money from the bank by signing a note payable?
What was the most difficult deal you had to close?
what is inter-company transaction? what is Inter-Branch transaction?
how to calculate the per unit cost of production
what is share application money pending allotment?
what is the difference between cash book(cash coloumn) and cash book(bank coloumn)?
In South Africa, the value added tax is administered by?
Mention whether the account "cash" will be credited or debited when a company pays a bill?
What is normative accounting?
Please help me with the accounts head for the below ledgers for e.g. for Salary A\c - Indirect Expenses is the account head in tally. what is the account head for below ledgers. Salary A/c Dr. xxx To EPF Payable (employees' contribution only) xx To ESI Payable (employees' contribution only) xx To PT Payable (deducted from employees only) xx To TDS Payable (if deducted from employees' only) xx To Salary Payable (net amount only) xxx Salary A/c Dr. xxx To EPF Payable (employees' contribution only) xx To ESI Payable (employees' contribution only) xx To PT Payable (deducted from employees only) xx To TDS Payable (if deducted from employees' only) xx To Salary Payable (net amount only) xxx Salary Payable A/c Dr. xxx To Cash / Bank A/c xxx
What are mis reports?
