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Make Accounting Entries
- Purchase, sales, Expenses, Incomes, Banking Transactions ( Incl Loan )
Based on that Make Trial Balance
Do Ledger Scrutiny
Do necessary Adjustments regarding Inadmissible expenses or Incomes like Penalty, Late payment of ESIC or PF , Bad debts or W/off or Excess amount received or Goods returned etc...
If necessary, disallow some personal expenses
Based on that make a provision for the next year expenses & taxes
Balances to be C/f to trading account or Partners Account as applicable.
Prepare as TRIAL BALANCE based on the Ledger accounts. With the help of T/B, prepare the Final Accounts, namely: Trading & Profit and Loss Account Balance Sheet. Post all the direct expenses and income in TradinG Account. TOTAL DIRECT INCOME - TOTAL DIRECT EXPENSES = GROSS PROFIT. Carry forward the Gross Profit to P& L A/c Post all indirect expenses and income in P&L A/c, along with the Gross Profit brought forward from Trading. INDIRECT INCOME - INDIRECT EXPENSES = NET PROFIT.
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