Final Account of Company : Corporate Accounting

Description

Final Accounts of Companies

Final Account of Company or Financial Statement

Meaning of Final Accounts

Requirement of Companies Act 2013,section 129

Schedule lll companies Act 2013

Format of Balance Sheet

Explanations of Balance sheet items

I. Equity and Liabilities :

(1) Shareholder’s funds

(a) Share Capital

(b) Reserves and surplus

(c) Share warrants

(2) Share application amount pending allotment

(3) Non-Current liabilities

(a) Long-term borrowings

(b) Deferred tax liabilities

(c) Other long-term liabilities

(d) Long-term provisions

(4) Current liabilities

(a) Short-term borrowings

(b) Trade payables

(c) Other current liabilities

(d) Short-term provisions

II. Assets :

(1) Non-Current assets

(a) Fixed assets

(b) Non Current investments

(c) Deferred tax assets

(d) Long-term loans and advances

(e) Other non-current assets

(2) Current assets

(a) Current investments

(b) Inventories

(c) Trade receivals

(d) Cash and cash equivalents

(e) Short-term loans and advances

(f) Other current assets

Operating Cycle Period

Statement showing operating cycle period

Contingent Liabilities

Contingent liabilities shall be classified as :-

1. Claims against the company not acknowledge as debt (case pending in court)

2. Guarantees given by the company

3. Liability on partly paid up shares

4. Bill discounted

5. Debenture as a collateral security

6. Other money for which the company is contingent liable

Statement of Profit & Loss

Explanations of statement of P/L items

(1) Revenue from operations

(2) Other income

(3) Total revenue

(4) Expenses :

i. Material consumed

ii. Purchase of finished goods

iii. Changes in inventory of W.I.P and finished goods

iv. Employee benefit expenses

v. Finance cost

vi. Depreciation & amortization expenses

vii. Other expenses

(5) P.B.T (3-4)

(6) Less : Tax (Adjustment)

(7) Profit after tax/Current year profit

(8) Add : Previous year profit Total profit

(9) Less : Appropriation of Profit :-

a. Transfer to G.R/Other reserve/fund

b. Proposed dividend/Interim dividend

c. Other appropriation of profit

Surplus or net loss

Some important Practical Problem for Practice.

What You Will Learn!

• Final Accounts of Companies
• Meaning of Final Accounts
• Schedule lll companies Act 2013
• Balance Sheet
• Statement of Profit & Loss
• Notes to account’s or working notes

Who Should Attend!

• Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.

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