balance sheet
Abhay kumar (45 Points)
17 June 2018
which point to be notice when we finalize a balnace sheet of a school and a business firm.
9 Replies
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
BALANCE SHEET FINALISATION CHECKLIST
Given below is the checklist for finalisation of Balance sheet hope this will help you for sure in finalising the balancesheet of all organisations. Must check the following things before finalising .
1 No Entry On National Holiday.
2 Confirmation of Secured Loans.
3 Confirmation of Unsecured Loans.
4 Confirmation of S.Creditors (Specialy Those With Debit Balance.)
5 Confirmation of S.Debtors (Specialy Those With Credit Balance)
6 Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque.
7 Check Cash For Negative Balance.
8 Electricity Charges For 12 Months Entered Or Not.
9 Salary Sheet – Tally With Salary Paid In Cash+Cheque. Salary of Employees Who Have Not Signed Salary Sheet Should Reflect As Payable. Tally With Salary Summary For Whole Year.
10 Copy of All Full & Final A/C Papers Required.
11 Insurance Exp. – Pre-Paid Entries To Be Done. Copy of All Cover Notes To Be Kept In Balance Sheet File.
12 Other Pre-Paid Exp. Entries Like Licence Fee, AMC Etc.
13 Tally Opening Balance With Last Year Balance Sheet.
14 Reconcile Sale + Purchase With Sales Tax Returns.
15 Licence Fee – Receipt Or Covering Letters of Licence Copy.
16 Tel. Exp. – Bill of 12 Months Entered Or Not. Narration Similar To That of Electricity Exp.
17 Depriciation Entries.
18 Tally Tds Certificates With Relevant Ledgers.
19 Tally Tds Returns With Relevant Ledgers.
20 Reconcile All Bank Accounts.
21 G.P. Rate Comparison With Last Year.
22 Audit Fee To Be Entered.
23 Check Cash Exp. Vouchers.
24 Check All Debit Notes / Cr. Notes. Should Be Signed
25 Check All Cash Receipts. Should Be Signed
26 Check All Discounts To Customers Or Short & Excess Or Bad Debts Vouchers. Should Be Signed
27 All Heads In Previous Year P&L, Trading Balance Sheet Should Be In Current Year Balance Sheet And Comparasion of Amount To Be Done.
28 Challans of All Govt. Dues To Be Enclosed With I.T.R., VAT / CST / ESI / EPF / TDS Etc .
29 Exp. Payable Entries : Tel., Electricity, Water Etc .
30 Freight Inward For All Central Purchases Should Be Entered.
31 Transfer Previous Year Pre-Paid To Relevant Expense Head.
32 Check Payment of Previous Year Expenses Payable.
Given below is the checklist for finalisation of Balance sheet hope this will help you for sure in finalising the balancesheet of all organisations. Must check the following things before finalising .
1 No Entry On National Holiday.
2 Confirmation of Secured Loans.
3 Confirmation of Unsecured Loans.
4 Confirmation of S.Creditors (Specialy Those With Debit Balance.)
5 Confirmation of S.Debtors (Specialy Those With Credit Balance)
6 Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque.
7 Check Cash For Negative Balance.
8 Electricity Charges For 12 Months Entered Or Not.
9 Salary Sheet – Tally With Salary Paid In Cash+Cheque. Salary of Employees Who Have Not Signed Salary Sheet Should Reflect As Payable. Tally With Salary Summary For Whole Year.
10 Copy of All Full & Final A/C Papers Required.
11 Insurance Exp. – Pre-Paid Entries To Be Done. Copy of All Cover Notes To Be Kept In Balance Sheet File.
12 Other Pre-Paid Exp. Entries Like Licence Fee, AMC Etc.
13 Tally Opening Balance With Last Year Balance Sheet.
14 Reconcile Sale + Purchase With Sales Tax Returns.
15 Licence Fee – Receipt Or Covering Letters of Licence Copy.
16 Tel. Exp. – Bill of 12 Months Entered Or Not. Narration Similar To That of Electricity Exp.
17 Depriciation Entries.
18 Tally Tds Certificates With Relevant Ledgers.
19 Tally Tds Returns With Relevant Ledgers.
20 Reconcile All Bank Accounts.
21 G.P. Rate Comparison With Last Year.
22 Audit Fee To Be Entered.
23 Check Cash Exp. Vouchers.
24 Check All Debit Notes / Cr. Notes. Should Be Signed
25 Check All Cash Receipts. Should Be Signed
26 Check All Discounts To Customers Or Short & Excess Or Bad Debts Vouchers. Should Be Signed
27 All Heads In Previous Year P&L, Trading Balance Sheet Should Be In Current Year Balance Sheet And Comparasion of Amount To Be Done.
28 Challans of All Govt. Dues To Be Enclosed With I.T.R., VAT / CST / ESI / EPF / TDS Etc .
29 Exp. Payable Entries : Tel., Electricity, Water Etc .
30 Freight Inward For All Central Purchases Should Be Entered.
31 Transfer Previous Year Pre-Paid To Relevant Expense Head.
32 Check Payment of Previous Year Expenses Payable.
Abhay kumar
(45 Points)
Replied 17 June 2018
thank u alot sir... can u provide me information about the setting profit ratio of the firm
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Profit ratio depends on industry in which firm is working
Abhay kumar
(45 Points)
Replied 17 June 2018
profit ration in the case of 1. SCHOOL IS = ?
2. A TRADER
3. A HOSPITAL
2. A TRADER
3. A HOSPITAL
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Abhay Ji kindly consultant a tax consultant or Chartered Accountant in your area
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Most Welcome Abhay Ji
Abhay kumar
(45 Points)
Replied 17 June 2018
In a balance sheet of a finance co. interest accured but not due was a laibility.
then in a 1st april...my head accountan pass a entry of....
interest acc.but not due DR.
to interest a/ c
Note : interest is a indirect income )
can u explain me this entry.. please sir
then in a 1st april...my head accountan pass a entry of....
interest acc.but not due DR.
to interest a/ c
Note : interest is a indirect income )
can u explain me this entry.. please sir
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
It seems that the accountant has passed this entry because as per AS & ICDS income should be booked on accrual basis
Recent Topics
- Sales Invoice raised in feb-25 but now some materi
- Transfer of Nominee Share to Body corporate
- GSTR 4 FOR 24-25 due date of annual return
- Which ITR form required ?
- Can you please explain me the working of tax liabi
- Can a stand alone restaurant opt for tax rate of 1
- Income Tax Query. Capital gain & section 54
- 26 QB - TDS
- Partner remuneration beyond 40 (b) limits
- How to get Professional Tax refund shown in PTRC I
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
