Final accounts

Final account consists of

• Income and expenditure account

• Trading and P&L account

• Trading and profit and loss account and balance sheet

• Journal And ledger account

Final account is prepared to ascertain

• Goals

• Profits

• Losses

• Financial position

Final accounts are the following steps in accounting

• First step

• Second step

• last step

• Nota

Final account starts with

• P and L account

• Trading account

• Balance sheet

• Income and expenditure account

Trading Account consists of items related to

• Inside the factory

• Outside the factory

• Administrative

• Selling and distribution

Trading account consists of

• Indirect expenses

• Direct expenses

• nominal expenses

• Personal expenses

Gross profit appears in

• P and l account

• Balance sheet

• Trading account

• Nota

P and L Account consists of

• Admin and selling and distribution expense

• Direct expense

• Factory expense

• Nota

Net Profits occur in

• Trading account

• balance sheet

• P and L account

• Nota

Balance sheet is a

• Statement

• Account

• Record

• nota