Balacesheet

MANY STEPS YAAAAAAAAAAAR AS PER THE LEVEL OF ENTERPRISE......

steps-journal<ledger accounts<trial balance<trading account <profit n loss account<balance sheet.

good reply aastha

thankyou ashish!!!!!!!!!

Dear Sir,

In my opinion finalising accounts has many steps and tasks involved. following are some of them.

1) At the yearend we first have to account all sales and purchase bills pertaining to year.

2) Ledger scrutiniy,

3) asking balance confirmation to banks, creditore, debtore,

4) checking if statutory returns are correctly filed if not make provisions for statutory liabilities and files revised return

5) checking phisical bills of purchases and sales with accounting entries thereby checking if purchase, sales, current assets and current libilities positions are accurate

6) making yearend provisions for depriciation, commsion, taxes, salary, bonus, pf, esic, gratuity, other outstanding expenses

7) passing entries for net profit or loss

8) taking printout of trial balances, p & L , balance sheet from accounting software

9) and finally preparing financial statements in exel format as per IFRS, and company law and presenting to auditors and board of directors.

the list can be added by respectful of you all.

Nice sanjay it is in very detail  we can further add many more thing but i thing it is enough to understand, good and short reply by Ashtha

first you prepare trial balance from all ledgers then prepare Profit and Loss account and then Balance Sheet.

that is what i feel appropriate for finalising the accounts.

but finalising audit includes many tasks