Indian firm final account with illustration

1.	Indian firm final account with illustration
Answer» Answer: Final accounts GIVES an idea about the profitability and FINANCIAL position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a SPECIFIC period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the PROFIT and loss account, and balance SHEET.

Answer»

Answer:

Final accounts GIVES an idea about the profitability and FINANCIAL position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a SPECIFIC period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the PROFIT and loss account, and balance SHEET.

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