How to prepare Trading and Profit & Loss Account in excel spread sheet (Samir)
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Final Account is one of the steps of accounting cycle. It is the combination of Trading and Profit and Loss account which is one of the part of Financial Statement. Financial statement includes major four account i.e. Income Statement, Balance Sheet, Cash Flow Statement and Statement of Retained Earnings. Profit and Loss account sometimes also called Income statement. Income Statement could be either in Single step format or Multi-step format.
Trading account basically deals with Direct incomes and Direct expenses accounts where as Profit and Loss account deals with Indirect Incomes and Indirect Accounts.
The following steps to prepare the final accounts are listed as bellows:
1. Prepare Trading Account
2. Prepare Profit and Loss Account
3. Prepare Profit and Loss Appropriation Account
4. Prepare the Balance Sheet
Final account shows the position of the company in terms of various ways like Assets, Liabilities, Capital, Expenses, or Incomes.
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