This discussion provides guidance for a fresher accountant seeking to understand account finalisation steps, particularly how to prepare a balance sheet. While specific software isn't used, the advice suggests using T-forms for proprietorships and Schedule III for companies. Key elements of finalisation, such as TDS, Income Tax, GST, and adjustments, are highlighted, with a recommendation to consult experts or firms for comprehensive knowledge.
If the financial statements like Profit and loss and balance sheet , annexure etc then you can use T form for proprietorship and Sch III for companies..
Finalization if accounts require lot of skills & knowledge like Tds provisions, companies act , income tax act, GST provisions, PT , Adjustment entries, balance verification, stock verification etc..
You may download the format of PL & Balance sheet and go through once.