Companies of every country are governed by their companies act. Every company required to get registered under said companies act. We are providing all required Final accounts of a company along with getting audited by a professional body widely known as member of professional bodies like Chartered Accountants. For finding out profitability and making a performance assessment of Internal Departments, you need to Hire Us.
Broadly speaking our company offer preparation of includes following records:
It is a statement which shows status of assets and liabilities of a business concern. Assets include properties, cash and bank balance of company on the other side liabilities includes debts and obligations on company. There is a prescribed format for presentation of balance sheet in final accounts.
Profit and loss account:
This account represents position of profit and loss in working of business. Presentation of profit and loss account works on detail schedules of various heads and ledgers. Profit and loss account is just a summary presentation which shows correct financial position of business entity. This account is prepared by trading concern whose main objective is to earn profit apart from social welfare and customer satisfaction. The balance of this account represents net profit and net loss for the company.
Notes to accounts:
Notes to accounts describe details step by step summary of major accounting heads and ledgers. These points notify important items which require more attention on part of users of financial information. It supports all financial records with working and evidences. One can verify figures of financial records with notes presented in supporting to the accounts.
Preparation of Balance Sheet and Profit and Loss Account
The organization has to get ready to show its financial position in its final accounts. Such final accounts includes Balance sheet and profit and loss account in large. Every Balance Sheet of an organization must provide a real and reasonable perspective of the situation of the organization as at the end of the economical season and must be in the recommended structure. It includes all sales and purchase dealing along with different obligations and resources of the organization. a particular company which is involved in development, handling, development or exploration activities, such specifics with regards to using material or other items of cost as may be recommended with regards to certain class of companies as the Central Federal may require.
Contents and format of Profit and Loss Account
Though there is no structure prescribes or recommended for the proper presentation and disclosure of profit and loss account. Part II to Routine VI of the Organizations Act, 1956 Companies Act, 1956 profit and loss consideration. Every benefit and reduction consideration of an organization must give a real and reasonable perspective of the organization’s benefit or reduction for the economical season for which it is attracted up.
Tags: Accounting, Bookkeeping