Finalisation

Dear friend,

here are some steps for finalisation of accounts on the basis of my personal experience

1). First of all taking copy of trial balance.

2). Going through the scrutiny of accounts appeared on trial balance.

3). making appropriate provisions of liability

4). taking annexures of TDS, ESI & PF payment along with due dates.

5). Taking Copy of Challans of TDS, ESI & PF Payment to verify the correctness of such payments.

6). Taking  Copy of bills of Additions of Fixed assets & computation of depreciation thereon.

7). Computation of FBT liability, if applicable.

8). Confirmation statement from Bank, Major Parties.

9). Copy of Bank reconciliation statement.

10). Copy of sales tax challans.

11). Checking compliance of Accounting standards & same should be mentioned on noted to accounts & accounting policy.

12). Preparing all anexures of balance sheet & cross checking of  their respective heads.

13). Appropriate provision of defered tax liability/ assets as per AS-22.

hope this will be beneficial for u......

keep smiling,

regards,

ratan

Check the date at all places

See if all annexures are numbered properly

Check the name of the party and his address

PAN, TAN etc

Check balances with TB

Make sure the schedules in case of companies are in Sch VI format

Check IT & FBT Computation