https://docs.google.com/presentation/d/1PQaFFo4wkFVBZzChI5s08WVXI7BkYrbaiHXRjtWifJs/edit?usp=sharing Final accounts, transactions, journal entries, ledger, trail balance, trading account, profit & loss account, balance sheet

2. FINAL ACCOUNTS
Financial statements are the reports of financial information
presented in a summarized & organized way to reveal the
financial position of the organization.

13. SL.N
O
Particulars LF
NO
Debit Credit
1 cash 2,62,000
2 capital 5,00,000
3 bank 48,000
4 buildings 2,00,000
5 purchase 50,000
6 sales 80,000
7 internet 2,000
8 salary 18,000
Total 5,80,000 5,80,000
Trail balance of prahlad as on….

14. TRADING ACCOUNT
 To know the results of trading activities (buying and
selling of goods) carries during the accounting period.
 This account is termed as trading account.
 To know the gross profit or gross loss.

17. particulars amount particulars amount
To purchases 50,000 By sales 80000
To G.P (transferred to p&l a/c) 30,000
______
80,000
______
_______
80,000
_______
Trading a/c of prahlad traders for the year ended….
Dr Cr

18. PROFIT & LOSS A/C
 After trading account, the profit & loss a/c is to be
prepared to find out the net profit or net loss of the
business.
 It is a nominal account.
 Hence all the expenses and loses should be debited
and all the incomes and gains to credited to this
account.

21. particulars amount Particulars amount
To salaries 18,000 By G.P b/d 30,000
To internet 2,000
To N.P (transferred to capital a/c) 10,000
_______
30,000
_______
_______
30,000
_______
Profit & loss a/c as on …..
Dr Cr

22. BALANCE SHEET
It is a statement which shows the assets &
liabilities of the company during the
financial year
To know the financial position of the
company

23. Balance sheet Format

24. particulars amount particulars amount
Capital 5,00,000 Buildings 2,00,000
add.: N.P 10,000 Bank 48,000
Cash 2,62,000
_______
5,10,000
_______
_________
5,10,000
_________
Balance sheet of prahlad traders as
on….