Finalisation Of Accounts

Page no : 2

(Guest)

How to do the finalisation of accounts?

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(Guest)

FOR FINALIZATION OF ACCOUNTS

1. COLLECT ALL THE DATA (BILLS/RECEIPTS ETC.) OF RELEVANT YEAR

2. PUT ALL DUE/ACCRUED AMOUNT IN PROVISIONAL A/C (AS PER AS)
3. MAKE PROVISION FOR ALL DUE LIABILITIES (EITHER GOVT. DUES OR CLIENT)

4. MAKE TRIAL BALANCE AS AT 31ST MARCH

5. PREPARE THE BALANCE SHEET & P/L ACCOUNT AND ALSO THE CAPITAL ACCOUNT OF OWNERS (IN CASE OF PROPRITORSHIP & PARTNERSHIP FIRM) FOR INCOME TAX PURPOSE.

6. FILE INCOME TAX RETURN ON DUE DATE

(Guest)

I Want what the procedure of finalisation of balancesheet & what points should check that time

CA Naveen Kumar Agrawal (Chartered Accountant / MBA) (939 Points)
Replied 26 June 2008

Mr. Rajesh has answered well. and hereby i m goin' to add a li'l bit more into it. it also includes preparation of BRS (Bank Reconciliation Statement) (if required: in case Balance as per Pass Book & Cash Book do not match). Cash Flow Statement (it is also not mendatory for all persons). involves various other things and steps. which cant be explained here in detail. one more thing i want to state that it is not so to file income tax on due date (as Rajeshji mentioned in his reply) but file it on or before due date of filing of ITR.

(Guest)

Originally posted by :Guest
"	finalisation of account BE EXPLAINED ON NET	"

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CA.Madhavan (Chartered Accountant) (942 Points)
Replied 05 August 2008

Since u mean Large Brokerage Company ,whether it is a member of stock exchange???if so which stock exchange

CA.Madhavan (Chartered Accountant) (942 Points)
Replied 05 August 2008

since finalisation depends on the various legal angle and it needs looking from various point of view...................

Kailash Mourya (Accountant) (62 Points)
Replied 08 August 2008

When completed the B.S & P&L how to perpare 3CB & 3 CD & anx 1/2/3

pls advise

CA.Madhavan (Chartered Accountant) (942 Points)
Replied 09 August 2008

3CA/3CB-AUDIT REPORTS.

3CD FORMAT AND DETAILED CHECKLIST CAN BE OBTAINED FROM THE SHARE FOLDER.

USE THE CHECKLIST AND PREPARE THE ANNEXURES BASED ON THAT.

CA Mohd Gouse (Chartered Accountant) (497 Points)
Replied 15 August 2008

i agree with mr.kalyan Rao.

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(Guest)

Hi, I would like to know all the steps involved in finalisation of Accounts.What all we need to do for preparing P&L A/cz

Pls let me know asap.

Thanks,

Chayanika

(Guest)

Originally posted by :kalyan Rao
"	no. of steps involve in finalisation with consider 1. Accounting standar. 2. legal requirmet.	"

(Guest)

I want to know about Capital & Drawings

Venkat Rao Marella (Manager Business Finance) (1451 Points)
Replied 25 September 2008

Finalization is purely practical aspect which cannot be explained. They are soo many factors which should be taken into consideration before finalizing accounts.

Venkat.

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Venkat Rao Marella (Manager Business Finance) (1451 Points)
Replied 25 September 2008

Finalization of accounts cannot be explained on the net. There are soo many factors which should be taken into consideration before finalizing accounts.

Venkat.