Entry for finalization a/c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2011 Dear Sir,

I am working in pvt limited company, i want to know the require entry for finalization of account please.

What kind of precaution take in to the finalize the accounts

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 Pass the entry for recording the Closing stock of the company as per physical intake

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 pass the netry for the provisions of expenses that are pending at the end of the year

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 If there ar any prepaid expenses, plz pass the necesaary entries for recording the prepaid expenses.

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 Also look for the discounts from both the debtors and creditors which have not been recorded in the books. Write off all those discounts, if any unaccounted

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 You can also provide provision for the discounts on debtors and also on non-moving inventory and slow-moving inventory

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 Also book the provision for depreciton on asset or directly charge the depreciation on the fixed assets

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 please also provide for the provion for taxes of the current Financial year calculating the tax laibilty

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 Prepare Fixed Asset register for the Asset and also list of Inventory as on clsoing date

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 Also ensure while booking the variuos cash exopenses of the year that the cash balance was not negative at any point of time

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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27 September 2011 you can also calculate the deffered tax asset/liability as per AS-22 Accounting for taxes, if any

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Entry for finalization a/c

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