Entry for finalization a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2011
Dear Sir,
I am working in pvt limited company, i want to know the require entry for finalization of account please.
What kind of precaution take in to the finalize the accounts
I am working in pvt limited company, i want to know the require entry for finalization of account please.
What kind of precaution take in to the finalize the accounts
03 September 2011
compare opening balances with last year balance sheet
make provision wherever required
Pass all adjustment entries
Pass all closing entries
compute depreciation
Check all ledger accounts thoroughly to find any omissions, commission, errors tec
Compare bank accounts with bankers confirmatin report
Compare customer balances with customer confirmation list
Take print out TB
Prepare financial statements
Finlalisation process differs case to case basis. This is not exhaustive list
make provision wherever required
Pass all adjustment entries
Pass all closing entries
compute depreciation
Check all ledger accounts thoroughly to find any omissions, commission, errors tec
Compare bank accounts with bankers confirmatin report
Compare customer balances with customer confirmation list
Take print out TB
Prepare financial statements
Finlalisation process differs case to case basis. This is not exhaustive list
03 September 2011
During finalisatin process keep in mind all the provisons relating to accounts
in Memorandum and articles of Assn. Company Law if it is company
Or relevant statues and bye law for other form of organisations for example, partnership deed, Indian partnership Act in case of partnership concern
in Memorandum and articles of Assn. Company Law if it is company
Or relevant statues and bye law for other form of organisations for example, partnership deed, Indian partnership Act in case of partnership concern
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