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Tax audit 2023-2024

Sayed Nabil (385 Points)

12 September 2024

please provide step by step guide for account finalization for the year 2023-2024

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (7640 Points)
Replied 18 September 2024

Here's a step-by-step guide for account finalization for the year 2023-2024: *Step 1: Gather necessary documents* - Collect all financial documents, including invoices, receipts, bank statements, and ledgers. - Ensure all transactions are recorded and up-to-date in your accounting system. *Step 2: Prepare profit and loss account* - Generate a profit and loss account for the financial year 2023-2024. - Ensure accuracy and reconcile any discrepancies. *Step 3: Prepare balance sheet* - Generate a balance sheet as of March 31, 2024. - Ensure accuracy and reconcile any discrepancies. *Step 4: Reconcile accounts* - Reconcile all ledger accounts, including bank, debtors, creditors, and stock. - Ensure all transactions are accurately recorded and reflected in the financial statements. *Step 5: Prepare final accounts* - Prepare the final accounts, including the profit and loss account, balance sheet, and cash flow statement. - Ensure compliance with accounting standards and regulatory requirements. *Step 6: Audit and review* - Conduct an internal audit and review of the final accounts. - Ensure accuracy, completeness, and compliance with accounting standards and regulatory requirements. *Step 7: File tax returns* - File tax returns for the financial year 2023-2024. - Ensure timely filing to avoid penalties and interest. *Step 8: Distribute financial statements* - Distribute the final accounts to stakeholders, including shareholders, directors, and regulatory authorities. - Ensure timely distribution to meet regulatory requirements. *Step 9: Store and maintain records* - Store and maintain all financial records and documents for the required period. - Ensure safekeeping and easy accessibility. Please consult a chartered accountant or financial advisor to ensure compliance with specific regulatory requirements and accounting standards.

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