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Accounts finalisation

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(Querist)
27 August 2016 How to do Finalization of Accounts and what are the steps needs to be followed.

Please tell me the exact procedure of Accounts Finalization.


Thanks
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Amol S Joglekar

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Amol S Joglekar (Expert)
28 August 2016 01. Prepare trial balance
02. get rid of the difference, if any, in trial balance
03. Make the adjustment entries. provisions, outstandings, stock, depreciation etc.
04. Close the ledger accounts and transfer the respective accounts to Profit & Loss a/c, Balance Sheet as the case may be
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Gufran Bubere

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Gufran Bubere (Querist)
29 August 2016 Thank you very much Amol Sir
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Gufran Bubere

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Gufran Bubere (Querist)
29 August 2016 Sir, Could you please give me some examples of adjustments entries for Provision & Outstanding?
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 August 2016 you are most welcome.

01. Provision : Audit fees : Debit Audit fees, credit audit fees payable

02. Outstanding. : say rent is paid half yearly, at the end of half year...in Feb and Aug.
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Gufran Bubere

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Gufran Bubere (Querist)
29 August 2016 Thanks again Sir,

May god give you best reward for this.
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 August 2016 you are most welcome.
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