The financial statements of an organization made up at the end of an accounting period, usually the fiscal year. For a manufacturer, the final accounts consist of manufacturing account, trading account, profit and loss account, and profit and loss appropriation account. A commercial company’s final accounts will include all of the above except the manufacturing account.
Final Accounts are the accounts that are prepared to find the final estimate of the profit and loss of a company for a certain accounting period. Final accounts are used to describe the final position of the business. Final accounts are the accounts that
Profit and Loss Account in Statement Form/Income Statement: Trading and profit and loss account/income statement may be prepared either in account form (T form) or in report form (statement form). Trading and profit and loss account in both the forms give the same information.
Final Accounts: Learning Objectives: What is trading and profit and loss account? What is the the difference between trial balance and balance sheet? Prepare trading and profit and loss account and balance sheet. Explain the preparations of final account Having proved the arithmetical accuracy