Finalisation & closure of books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 December 2014
Hello, I am currently into my articleship and have done statutory audits but didn't get a chance to finalise the financials. I am eager to know what exactly are the procedures after the audit part is finished?? What are the year end adjustments and how they are incorporated in the books??
Amol S Joglekar
(Expert)
15 December 2014
In mercantile system, year end provisions play a major part.
They are incorporated by passing journal entry in the books of accounts.
They are incorporated by passing journal entry in the books of accounts.
Rupesh Jain
(Expert)
15 December 2014
in end procedure valuation of stock, taxation calculation and deferred tax/liability. depreciation on assets will be finalise.
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