Final Accounts

Final Accounts

Final Accounts for CA Foundation, CS Foundation, CMA Foundation, CBSE, ICSE, Class 11-12 (Commerce) courses.


Depletion, Amortization, Obsolescence, Accounting for Depreciation, Methods of Depreciation, Straight Line Method, Diminishing Balance Method, Sum of Digits Method, Sinking Fund Method, Annuity Method, Insurance Policy Method, Machine Hour Rate Method, Production Unit Method, Depletion Method, Changes in Method of Depreciation, Profit / Loss on Sale of Asset, 

Book Closing

Closing Entries, Provision for Bad Debts, Provision for Discount on Debtors, Dishonour of Cheques, Goods distributed as free sample, Loss of Goods, Goods sent on approval,  Proprietor’s Personal Transactions, Interest, Expenses, Income, Closing Stock

Financial Statement

Financial Statements, Trading Account, Profit and Loss Account, Balance Sheet, 

Compilation of Final Accounts

Rectification Entries, Depreciation, Pre-paid expenses, Liabilities & Provisions, Advance payments made, Advance receipt of money 

Contingent Liabilities and Assets

Contingent Asset, Contingent Liability 

Proprietorship Firm

The basic principle and methods of Accounting is same for Proprietorship Firm also. The major distinction is that the net Profit / Loss is transferred to Proprietor’s Capital Account (as Proprietor is the sole owner).