Final accounts | balance sheet 3 | lecture 8 | Hindi / urdu | Ezair Commercia

Final accounts are those accounts that are prepared by a joint stock company at the end of a fiscal year. The purpose of creating final accounts is to provide a clear picture of the financial position of the organisation to its management, owners, or any other users of such accounting information.

Final account preparation involves preparing a set of accounts and statements at the end of an accounting year. The final account consists of the following accounts:

Trading and Profit and Loss Account
Balance Sheet
Profit and Loss Appropriation account

Objectives of Final Account preparation
Final accounts are prepared with the following objectives:

To determine profit or loss incurred by a company in a given financial period
To determine the financial position of the company
To act as a source of information to convey the users of accounting information (owners, creditors, investors and other stakeholders) about the solvency of the company.

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