Importance & necessity of preparing final A/C
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importance of final accounts
a)Trading and profit or gross loss
i)Determine gross profit or gross loss
ii)Determine net profit or net loss
iii)comparison with the previous years profits
iv)details of expenses and income
v)reserves
vi)ratios
b)balance sheet
i)ascertaining financial position
ii)comparison with previous years
iii)determining solvency position☺
a)Trading and profit or gross loss
i)Determine gross profit or gross loss
ii)Determine net profit or net loss
iii)comparison with the previous years profits
iv)details of expenses and income
v)reserves
vi)ratios
b)balance sheet
i)ascertaining financial position
ii)comparison with previous years
iii)determining solvency position☺
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