Final Accounts Introduction - Accounts and Finance for Managers

Final Accounts with the help of Journal Introduction

The preparation of Final accounts the business firm involves two different stages viz Preparation of Accounting and Positional Statements of the enterprise. The preparation of Accounting statements involve two different categories viz Trading account and Profit & Loss account.

The preparation of the positional statement involves only one statement viz Balance sheet. In this chapter the accounting statements as well as Balance sheet will be elaborately discussed to the tune of adjustments. First the trading account contents and format are discussed to determine the Profit and Loss under the trading account of the business firm, i.e. Gross profit.
Second part of this section deals with the preparation of Profit & Loss account in order to determine the operating profit & loss of the enterprise.
Third part of the section involves in the preparation of financial position of the enterprise in terms of Liabilities and Assets.

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