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    Steps Involoved in Finalisation

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    Ca Sapnna Pillaai
    Steps involved in Finalization of Accounts include journalizing, preparation of ledgers, trial balance preparation and finding out missing figures. If you have the trial balance completed and all transactions reflected, you need to prepare the adjusted trial balance.

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    Steps Involoved in Finalisation

    Uploaded by

    Ca Sapnna Pillaai
    5K views1 page
    Steps involved in Finalization of Accounts include journalizing, preparation of ledgers, trial balance preparation and finding out missing figures. If you have the trial balance completed and all transactions reflected, you need to prepare the adjusted trial balance.

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    Steps involved in Finalization of Accounts include journalizing, preparation of ledgers, trial balance preparation and finding out missing figures. If you have the trial balance completed and all transactions reflected, you need to prepare the adjusted trial balance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    5K views1 page

    Steps Involoved in Finalisation

    Uploaded by

    Ca Sapnna Pillaai
    Steps involved in Finalization of Accounts include journalizing, preparation of ledgers, trial balance preparation and finding out missing figures. If you have the trial balance completed and all transactions reflected, you need to prepare the adjusted trial balance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Steps in Finalization of Accounts

    These are the following steps involved in Finalization. 1. Journalizing 2. Preparation of Ledgers 3. Prepare unadjusted Trial balance and find out missing figures 4. Verify the previous years figures to confirm the opening balances. 5. Prepare Adjusted Trial balance by passing necessary adjustment entries 6. Prepare manufacturing Account or trading & Profit &loss statement 7. Prepare finally Balance sheet

    Note: presume that you have the trial balance completed and all transactions reflected. The additional

    factors to consider are the following: 1. Adjusting entries like provision for depreciation and accounting for accruals that need to be recorded in the accounts. 2. Classification of the account balances in an acceptable layout of the Income Statement and Balance Sheet. 3. Recording of closing entries to prepare the post closing trial balance.

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