Finalisation
This query is : Resolved
Babita Gola
(Querist)
17 November 2015
sir i m new in Accounts feild.
pls tel me something about finalisation of blance sheet why we do it and how?
CA R SEETHARAMAN
(Expert)
17 November 2015
Pass year end entries like liability creation and making provision for tax etc. Then prepare financial statements as per accounting policy of the concern and as per accounting standards. Give the financial statements for audit. Pass any entry suggested by audit if acceptable and prepare the final set of financial statements for approval. This is finalisation of accounts.
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