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Finalization

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(Querist)
18 October 2011 Please send me the tips for finalization of accounts, including adjustment entries
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CA PRAVIN

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CA PRAVIN (Expert)
19 October 2011 Broadly you may consider the following points in finalisation of accounts.

1] Provide Depreciation on Fixed Assets
2] Provisions for March
3] Reversal of Opening provisions.
4] TDS calculations and payment there of
5] Calculation of VAT liability if any.
6] Partners remuneration and interest if any.
7] Managerial remuneration
8] Bank Reconciliation
9] Debtors, creditors scrutiny
10] Bad Debts if any.
11] Capitalisation of expenses if any as per accounting standards.
12] Valuation of closing stock / WIP
13] Focus on sec 269SS and 40A (3).
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