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Preparation of Final Accounts Homework Answers Is Only Steps Away

Accounts are the subject to be studied in depth as we know it brings some difficult topics which students are not able to deal with, and they ultimately need help of preparation of final accounts homework answers to solve their assignments. Final account gives an estimate about the lucrative of the organization.

First, all the transaction in taking place in a business are registered in a journal diary then they are to shift to account book and the process of balancing starts. In an accounting cycle there are many steps followed and among all that final accounting is the last step taken.

Accounting is a process in which data gathered is established after calculation such as gain or loss incurred. The main function of final accounts is to provide the information about the financial situation of the business organization to its management, proprietor, and parties interested in involved the company.

Final accounts comprise:

  1. Trading account and profit and loss account
  2. Balance sheet

In an income statement, all the accounts involving the profit and loss of an organization is shown briefly.Basically increase in profit or decrease in profit or loss both is shown in different accounts and the combination of all these is called income statement.

Most importantly it has been divided into two parts:

  1. a) Trading account
  2. b) Profit and loss accounts

  1) Trading account

This is the prior step taken in the accounting process. It presents gross gain and loss in the account sheet and registers only the net sale and direct price of sold out goods and services. A glimpse through preparation of final accounts homework answers will give you the details.

According to  system if total amount calculated in credit account side is more than debit account side than it is the condition of gross profit whereas if debit side is more than credit side it leads to gross loss.

Accounting is a process of maintaining all financial report and records them in the journal. Dealing with issues of accounts is backbreaking for college students, and it is sometimes tough to search for good educated tutors with facilities they need but here is preparation of final accounts homework answers help online to sort student problem. There are online experts who help to figure out students difficulties.

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Preparation final accounts homework answers illustration:

Trading account

                              (Ended on 31st december,2015)

         Debit account                                                          Credit account

   Particulars               amount                                              Particulars                   amount

To opening stock           20,000                          sales account               1,70,000

 Purchases                 82,000                             minus- taxes               20,000

Purchase return

(92,000-10,000)

 Wages                       3,000                                          minus (returns)              2,000

 Cartage inward              2,000                                                Total                  1,48,000

 Freight                     1,000                                                       By closing stock            22,000

Octroi duty                 2,000

 Profit and loss a/c        60,000

   Total                  1,70,000

2) Profit and loss accounts

This is basically organized during accounting period to determine whether the organization is earning profit or receiving loss. All the accounts consisting name is entered into profit and loss account as we know all the expenses and losses are added to debit side, and all the incomes and gains are included to credit side.

Then to determine the profit or loss incurred the debit and credit accounts are compared. In this account, all the profit and loss are gathered in order to find out the excess of gains and loss. The amount paid or earned amount which is not included in trading account are credited or debited here in profit and loss accounts.

  Importance:

* To ensure net profit

 * To have command over expenses

  * Comparing with previous year profit

      Conditions:

  1. a) If the credit accounts surpass the debit side, then it shows the gain acquired through the process
  2. b) If the debit accounts surpass the credit account, then itis the situation of loss within the accounting period

Preparation of final accounts homework answers illustration:

                             Profit and loss accounts

                      (Ended on 31st January 2016)

  Debit account                                              credit account

      Particulars                Amount                    Particulars                Amount

 To purchases                  10,000

     Salaries                   1,200

     Net profit                 3,000                     by sales                  14,200

  (Move to capital A/c

      In balance sheet)

      Total                    14,200

3) Balance sheet:

Here comes the balance sheet, preparing a balance sheet is a hectic task which students avoid to do, but it is the most significant part of accounting as it tells the financial status of the organization.  It gives head to toe information about a business such as liability or financial obligation of the company and about the asset a company has. Under this, all real and personal accounts are involved.

Preparing of final account homework answer illustration:

                               Balance sheet

( On 31st December2016)

Liabilities                     Amount                              Assets               amount

Capital                      25,000                                               Cash                   18,000

Add: Profit                   1,000                                        Bank                    6,000

26,000

Subtract: withdraw        1,000                                   Fridge                  4,000

    Joseph                                          Rihaan                  1,000

    Total                        25,000                                         Total                 29,000

   Balancing

      25,000 + 4,000= 29,000

As shown in the above illustration total assets and liability has to be equal, or otherwise, they are balanced by adding or subtracting and if in case both sides do not match then there must be any fault in journal. The errors are first found out, traced and then balanced.

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