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PRESENTATION

ON
FINAL ACCOUNTS

COMPILED BY:
AKSHITA MODI
2K10BFS01
FINAL ACCOUNTS

Final accounts are the means of conveying to


management, owners and interested users a
concise picture of profitability and financial
position of the business.

Objectives :
Ø To find out the profit and loss made by the business at the end of a regular periodic interval.
Ø To ascertain the financial position of the business.
F● T
Final Accounts includes the preparation

I R
of :-

N A
A
A D
L
L I
A N
A
C G
C
C
C A
O
O C
U
U C
N
N O
T
T U
S
S N
T
TRADING ACCOUNT for the year ending 31st
march,.........
Particulars Amount(Rs Particulars Amount(Rs
.) .)
To Opening Stock xxxx By sales xxxx
To Purchases xxxx Less: sales returns xxxx
Less : purchases xxxx By closing stock xxxx
returns By gross loss xxxx
To Direct expenses xxxx (balancing figure)
Wages xxxx
Carriage inward xxxx
Fuel & power xxxx
Coal water & gas xxxx
Octroi xxxx
Factory lighting xxxx
Import duty xxxx
Custom duty xxxx
Excise duty xxxx
Factory xxxx
rent,rates&taxes
PROFIT AND LOSS ACCOUNT for the
year ending 31st march,.........
Particulars Amount(Rs.) Particulars Amount(Rs.)

To Gross loss b/d xxxx By Gross Profit b/d xxxx


To Indirect expenses By Interest received xxxx
Rent, rates & taxes xxxx By Discount received xxxx
Advertisement xxxx By Commission xxxx
Office salaries xxxx received xxxx
Bad debts xxxx By Interest on xxxx
Carriage outwards xxxx Debentures
Printing & xxxx By Miscellaneous xxxx
Stationery xxxx Revenue xxxx
Postage & xxxx Receipts
Telegrams xxxx By Interest on
Audit fees xxxx debentures
Insurance xxxx By Net Loss
Depriciation xxxx transferred to capital
Repairs & xxxx A/C
Maintainence
Interest on capital
BALANCE SHEET as on 31st
march,.........
Liabilities Amount(Rs Particulars Amount(Rs
.) .)
Current liabilities: Liquid and Current
Bills Payable xxxx Assets:
Sundry creditors xxxx Cash in Hand
Bank overdraft xxxx Cash at Bank
Outstanding Expenses xxxx Investments
Income received in xxxx Bills receivables
Advance xxxx Sundry Debtors
Long term Stock in trade
Liabilities: xxxx Prepaid expenses
Loan from bank Fixed Assets:
Fixed Liabilities: xxxx Machinery
Capital xxxx Furniture & Fixtures
Add: Net Profit xxxx Building
Less :Drawings xxxx Fictitious Assets :
Goodwill
LIMITATIONS OF FINAL ACCOUNTS

Ø These statements are mainly of historical


facts and do not purport to show the true
current worth of enterprise.

Ø Certain qualitative elements are omitted as


they are incapable of being measured in
monetary terms.
THANK YOU
EXAMPLE :-
Ø Costs are often allocated as between assets