Dear members
can any body tells the accurate practical process of finalization of accounts
what steps we do?
Menu
What is the step by step process for finalization of account
Replies (1)
Dear
First list out the pre paid items (insurance/interest) & outstanding dues (bank interest/telephonebill/electricity etc recurring monthly - which bill will reach you in the next fy).
Maximum entries to be accommodated on 31st march viz., salary,rent,it payable, pf,esi,vat etc.,
To be on the safer side make 15-20 cheques free to be used for 31st march so that year ending/closing entries/payments can be accounted. Ofcourse the cheques will appear in BRS.
Make provision for Depreciation (Cos. act Vs Income Tax act)
Clear All purchase bills to accounted at the end of the month so also Sales Bills.
Go thro' the listed items and compare with previous year's last month entries you will be in a position to get ready for the battle.
All the best
Recent Threads
- 234 f penalty
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
Related Threads
CAclubindia
