Archive | Final Accounts

Company Final Accounts: Problems and Solutions | Accounting

Here is a compilation of top seven accounting problems on company final accounts with its relevant solutions. Problem 1: The Alfa manufacturing Company Limited was registered with a nominal capital of Rs 6, 00,000 in Equity Shares of Rs 10 each. The following is the list of balances extracted from its books on 31st December, […]

Final Accounts of General Insurance Companies | Accounting

In this article we will discuss about the final accounts of general insurance companies, explained with the help an illustration. General insurance business means business other than life insurance business. General insurance companies operating in India were nationalised on 13th May, 1971 by the Ordinance of the President of India. The accounts of the General […]

Final Accounts of LIC (With Format) | Accounting

This article provides a format of final accounts of LIC.  A life insurance company shall prepare the Revenue Account [Policyholders’ Account], Profit and Loss Account [Shareholders’ Account] and the Balance Sheet in Form A-RA, Form A- PL and Form A-BS, as prescribed in this Part, or as near thereto as the circumstances permit. Provided that […]

Top 5 Problems on Final Accounts of the Companies

Are you looking for problems and solutions of final accounts of the companies? You are at the right place! In this article we have compiled top five accounting problems on final accounts of the companies with its relevant solutions. Contents: Preparation of Profit and Loss Account, Profit and Loss Appropriation Account and Balance Sheet of […]

Final Accounts of the Companies: Top 5 Problems

Are you looking for problems and solutions of final accounts of the companies? You are at the right place! In this article we have compiled top five accounting problems on final accounts of the companies with its relevant solutions. Contents: Final Accounts Including the Computation of Depreciation, Managing Director’s Remuneration and Provision for Taxation Final […]

Top 3 Problems on Final Accounts | Examination

Are you looking for problems and solutions of final accounts of the companies? You are at the right place! In this article we have compiled top three accounting problems on final accounts of the companies with its relevant solutions. Contents: Final Accounts Including the Computation of Managing Director’s Remuneration Preparation of Final Accounts of a […]

How to Prepare Final Accounts of Companies? | Accounting

The following article will guide you about how to prepare final accounts of companies. We know that there is no hard and fast rule of preparing accounts of a sole proprietorship firm. But according to Sec. 209 of the Companies Act, every company is to prepare its Profit and Loss Account and Balance Sheet at […]

Final Accounts of the Companies (With Solutions) | Accounting

Are you looking for problems and solutions of final accounts of the companies? You are at the right place! In this article we have compiled top five accounting problems on final accounts of the companies with its relevant solutions. Contents: Calculating the Remuneration Paid to the Directors Preparation of Profit and Loss Account of a […]

Notes on Net Profit

In this article we will discuss about the Net Profit in Accounting Policies:- 1. Objective of Net Profit 2. Scope of Net Profit 3. Definitions 4. Period 5. Extra Ordinary Items 6. Ordinary Activities 7. Prior Period Items 8. Changes in Accounting Estimates 9. Changes in Accounting Policies 10. Contingencies and Events Occurring after the […]

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