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The most salient section of Accounting is Final Accounts. The subject is most valued and feared because of its prodigious contribution to the business field. The tricky folds of the Final Accounts are unfolded with steady practice and distilled clear knowledge. So, when it comes to completion of the Final Accounts assignments, most of students are lost in complexity of the interesting subject. But a single call to 24x7assignmenthelp.com will proffer you with Points to be considered while Preparing Final Accounts assignment help.
Final Accounts: Subject Matter
It is the last stage of Accounting cycle. The financial statements are made at the end of Accounting year or known as fiscal year. After completion of balance sheet, statement is entered in Final Accounts.
How it got its name?
At the end of financial year, every business man is interested in ultimate final result of their business. As Final Accounts is the last account, it serves most obligatory purpose of maintaining accounts. It analyses effect of various incomes and expenses and hence resultant profit or loss.
Final accounts is comprised of, Trading, profit and loss statement and balance sheet. Each result is reflected into the next and final result is stated at the end, hence same Final Accounts.
Preparation of three accounts:
The three fundamental accounts which are needed to be prepared before Final Accounts are;
- Trading Accounts: Shows gross profit or loss.
- Profit and Loss Account: Shows net profit or loss.
- Balance Sheet: Shows the financial position of business.
Final Accounts cycle:
Transactions -> Journals -> Ledger Accounts -> Trail Balance -> Trading, Profit and loss and Balance Sheet.
The Balance which is carry forwarded to the next year is shown in the balance sheet. The expenses and incomes are needed to be checked and examined for a proper Final statement. Even in some cases adjustments are required where cash transaction is missed to be noted during year.
Need of Adjustments in Final Accounts:
- Some expenses are partially or fully omitted from trial balance.
- Paid or received payments due in coming year, but entered for current year.
- Transactions omitted from the current year must be entered.
- Omit the journals of the coming years.
- The necessary adjustments are needed to be made to show the true profits or loss.
- Incorrect amount leads to corrupted balance and fails to portray the truth.
Why students fail?
- The focal point of final Accounts is the adjustments.
- Students overlook the minute transactions.
- Fail to calculate depreciation and appreciation values.
- Improper calculations in Profit and loss chart.
- Clouded concept about adjusting the Trial Balance.
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