i hv to do finalisation of balance sheet of construction company ...........i m doing finalisation for first time .i know all aspect regarding routine checking nd ledger scutiny but little bit confused on finalisatoin part.
if any one can suggest few tips regarding areas to be seen in finalisation nd general steps to be followed in tht. i shall be thankful to tht person .plz reply soon i need tht urgently
The One Says:
Finalization of accounts would simply imply preparation of Trial Balance from which Profit and Loss Account, Balance Sheet and Cash Flow Statement along with Notes to Accounts will be completed. Just have a look at the last years completed statements this will be needed anyway to give comparative figures. (Other disclosures are also there ie Schedules, MD&A Report, End-Use of Funds, Foreign Exchange Transactions, Imports CIF Value, Quantity, etc.)
You have already completed ledger scrutiny ie all accounts are in order as per Accounting Standards and Companies Act apart from TDS Service Tax Income Tax PF ESI etc. If you are using automated software like Tally then your final accounts are already prepared!!
This is just generally speaking of course.
Hope its useful.
CAclubindia
