Tell me something about final accounts
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Payal Singh 8 years, 7 months ago
Final accounts give an idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period.
The final accounts are primarily prepared for ascertaining the operational result and the financial position of the business. These are prepared with the help of Trial Balance.
The final accounts consist of the following two accounts:
1. Profit and Loss Account, and
2. Balance Sheet.
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