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STEPS FOR FINALISATION OF ACCOUNTS


 Finalisation Accounts preparation


 

First of all we journalise the entries and post into the ledgers and again prepare the

 

 

trial balance after that trading and profit & loss a/c balance sheet. Again we will have

 

 

 

 

to analyse the all aspects for decision makin

 

 

 

The final accounts are:

 
Manufacturing Account


Trading Account

Profit And Loss Account

Profit and Loss Appropriation Account and

Balance Sheet.


The process of finalisation is something like this:

Prepare a Trial Balance
 

See whether it agrees or not

If it does not agree then investigate the ledgers

That process means that see whether Purchase ledger tallies with cash book purchase

 entries etc.

 After that you are ready to finalise the accounts but

provide for taxes

prepare provision for doubtful debts

 

prepare gross block of fixed assets and depreciation

 

prepare net block of fixed assets

 

prepare gross and net block of inventory and value inventory at cost or market value

 

 

whichever is less

 

for this purpose the market value of the inventory need to be ascertained

prepare bank reconciliation statement and tally all bank balances with bank accounts

prepare gross and net block of furniture and fixtures


provide for wages and salaries etc if they are payable after finalization period



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how to bookmark this??

 
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thanx sumit.........

 
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Question : what is service tax ? due date for pymt ? return forms ? how input credit taken ?

 

 

what is finalisation of accounts ? what are finalisation of accounts entries ?

 

 

what are the basic accounting entreis ?

 

 what is vat ? due date for pymt ? return forms ? how input credit taken ?

 

what is excise ? due date of payment ? due date of return ? return form no. ? what are the entries related ? how cenvat credit is taken

 

what is depreciation ?  what are the types of depreciation ? what are rate depreciation in companies and income tax 

 
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Accounts Professional


Dear All,

 

 

I am followed different procedure for finalization of accounts:

 

After the booking all entries:

  1. Prepare Trail Balance;
  2. Investigation of ledgers;

(a)    Reconciliation

(i)           Bank,

(ii)         Debtors

(iii)       Creditors

 

(b)    Registers

(i)     Salary

(ii)   Purchase

(iii) Sales

(iv) Fixed Assets

 

  1. Inventory Valuation
  2. Taxation (Checking the entries i.e. Credit, TDS etc.)

(a)    Service Tax,

(b)   Sales Tax,

(c)    Income Tax.

  1. Provisions

(a)    Tax,

(b)   RDD,

(c)    Outstanding expenses.

 

 
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What is the  STEPS FOR FINALISATION OF ACCOUNTS  please please  Reply

 
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articledassistant


very helpful,y cant u explain vth an illustration

 

 
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thanks for sharing

 
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Assistant Manager


These are the following steps involoved in Finalisation. 1. Journalising 2. Preparation of Ledgers 3. Prepare unadjusted Trial balance and find out missing figures 4. prepare Adjusted Trial balance by passing necessary adjustment entyries 5. Prepare manufacturing Account or trading & Progfit &loss statement 6. Prepare finally Balance sheet


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Thanks for sharing....

 
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