UrbanPro
true

Take BBA Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Search in

How to Prepare Final Accounts (Step by step procedure) for BBA/ Bcom/ BBM students

Madhura Sagar G.
09/04/2020 0 1

Dear Students,

Final Accounts question is a very scoring question in the accountancy Paper and is also a compulsory question for most of the boards.

So here is the list of simple steps  to be follwed while solving a final Accounts sum:

1. Read the list of Trial Balance items and adjustments carefully

2. Record all the debit items given in the Trial Balance on either expenses side of Trading-P&L Account or Asset Side of Balancesheet

3. Record all the credit items given in the Trial Balance on either Income side of Trading-P&L Account or Liabilities Side of Balancesheet

4. Remember to post all the trial balance items only once, but all the adjustments items twice (one debit effect and one credit effect)

5. Balance your trading-P&L a/c first and determine profit/loss

6. Add this profit obtained with the Capital, on the liabilities side of the balance sheet

7. Take the total of the balance sheet.

Remember every debit has a corresponding credit.

0 Dislike
Follow 11

Please Enter a comment

Submit

N

Noki Fortunate | 23/06/2021

c) Explain the steps involved in the preparation of final accounts in single entry

9 1

Other Lessons for You



Rules of Accounting
There are three types of accounts: 1. Personal account 2. Real account 3. Nominal accountR 1. Rule for personal account - "debit the receiver and credit the giver." 2. Rule for real account is- "debit...
M

Mohita G. | 11 Feb

0 0
0

Adam Smith's Economic theory
The classical principle of unfastened marketplace economics, to paintings right, has greater necessities than maximum fans realize of or intentionally pick out to ignore. Several years earlier than he...

Nadeem Khan | 10 Feb

0 0
0

Valuation of Goodwill
This is one of the introductory chapters at the graduation level as well as in professional exams. The brief notes on methods and calculation of goodwill in easy steps are presented below: Methods of...

Gayatri D. | 02/08/2021

1 0
0
X

Looking for BBA Tuition Classes?

The best tutors for BBA Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take BBA Tuition with the Best Tutors

The best Tutors for BBA Tuition Classes are on UrbanPro

Book a Free Demo

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more