Accounts finalisation
This query is : Resolved
Gufran Bubere
(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
Please tell me the exact procedure of Accounts Finalization.
Thanks
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
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
(Querist)
29 August 2016
Thank you very much Amol Sir
Gufran Bubere
(Querist)
29 August 2016
Sir, Could you please give me some examples of adjustments entries for Provision & Outstanding?
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.
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.
Gufran Bubere
(Querist)
29 August 2016
Thanks again Sir,
May god give you best reward for this.
May god give you best reward for this.
Amol S Joglekar
(Expert)
29 August 2016
you are most welcome.
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