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

mohamed ziaudeen

mohamed ziaudeen (Expert)
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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

mohamed ziaudeen

mohamed ziaudeen (Expert)
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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

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