Final Accounts

The final account is the final process of accounting. The final account is ready to display the company's final results during the specified period. Final accounts are also called financial statements. The income statement and the balance sheet are included in the final account. The income statement shows the profitability achieved during the accounting period and the balance sheet reflects the composition of various assets, liabilities and shareholders' equity. Therefore, the final account item is a combination of trading account item, profit and loss account item and balance sheet.

"The final account is an account that was created to display the status of ongoing operating profit and loss and financial status for a given period at the end of a given year or period." - S. Mukherjee

"The final account includes trading accounts, profit and loss accounts and balance sheet.The trading account shows gross profit or gross loss, net profit or net loss is calculated from the profit and loss sheet, and the balance sheet knows the location and liabilities of the asset We are prepared for. "- OP Gupta

The final account is the final process of accounting. This is an accounting process that is prepared at the end of a certain period of time. It is prepared to know the profit and loss and financial condition of the business. The profit and loss of the business for the current fiscal year was determined through the creation of transactions and income statement. The financial condition of the business on a particular day is determined by the creation of the balance sheet. Therefore, the final account item is a combination of trading account item, profit and loss account item and balance sheet.

Mr. S. Mukherjee states as follows.

From the above definition, it is clear that the final account item is an accounting process that is prepared at the end of a certain period. I am ready to understand the net profit or loss or financial condition of the business. The final account is the composition of the trading account, profit and loss account and the balance sheet of the business organization.

Financial accounting includes the preparation of account settlement accounts. Because the business has become very complex, the final account alone is insufficient to meet the financial needs. Financial accounting is like a necropsy report. It can reveal what happened so far, but it can not control what happened in the past. The limitations of financial accounting are as follows.

The final account is the final process of accounting. The final account is ready to display the company's final results during the specified period. Final accounts are also called financial statements. The income statement and the balance sheet are included in the final account. The income statement shows the profitability achieved during the accounting period and the balance sheet reflects the composition of various assets, liabilities and shareholders' equity. Therefore, the final account item is a combination of trading account item, profit and loss account item and balance sheet.

Articles 209 to 220 of the Indian Companies Act in 1956 deal with legal provisions on the creation and submission of accounts by companies. Section 210 covers the preparation of the company's accounts report and Section 211 deals with the form and content of the balance sheet and profit and loss statement. The trading account table shows the results of selling products. This table is provided to show the difference between selling price and cost. Trading account records are prepared to show the business results of business, such as total profit or total loss of business. It records the direct costs of the commercial company. The result of trading goods is J. It is displayed according to R. Batlibboi trading account. When creating this account, general corporate expenses including only product transactions are ignored.