19 October 2011
Broadly you may consider the following points in finalisation of accounts.
1] Provide Depreciation on Fixed Assets 2] Provisions for March 3] Reversal of Opening provisions. 4] TDS calculations and payment there of 5] Calculation of VAT liability if any. 6] Partners remuneration and interest if any. 7] Managerial remuneration 8] Bank Reconciliation 9] Debtors, creditors scrutiny 10] Bad Debts if any. 11] Capitalisation of expenses if any as per accounting standards. 12] Valuation of closing stock / WIP 13] Focus on sec 269SS and 40A (3).
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