what is finalisation of accounts ? what are finalisation of
accounts entries ?
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Answer Posted / prashant amrapuri
Finalisation of accounts is the process of following points:
Recording all remaing entries
Payment and provision of taxes payables
Raising of reserves and provisions.
Clearing suspense account if any.
reconciliation of bank statements.
Preparation of trial balance
Preparation of Trad and P&l account.
Preparation of Balance sheet.
Keeping books of accounts ready for statutory audit.
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