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The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet. The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.
Om Prakash Malhotra also known as O.P. Malhotra (died 2013) was a Senior Advocate in the Supreme Court of India, and a distinguished author who brought out the treatise on the Law of Industrial Disputes and authored commentary on the Law & Practice of Arbitration and Conciliation.
Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on a given date. It aims at computing 'true and fair' view of the cost of production/services offered by the firm. [11]
The general ledger should include the date, description and balance or total amount for each account. Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system helps ensure that the general ledger is always in balance, thus maintaining the accounting equation:
Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Om Prakash Malhotra was born on 6 August 1922 in Srinagar, Jammu and Kashmir, British India, into a Punjabi Hindu Khatri family of the Malhotra clan, within the Dhai Ghar family-group originally belongs to Lahore. Malhotra received his schooling first at Model High School, Srinagar, and then at Sri Pratap College, Srinagar.
As a result, Drawing account increased by $500, and the Cash account of the partnership is reduced by the same account. At the end of the accounting period the drawing account is closed to the capital account of the partner. The capital account will be reduced by the amount of drawing made by the partner during the accounting period.