Question

what are the components of final account​

Answer 1

Explanation:

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final accounts

The financial statements of an organization made up at the end of an accounting period, usually the fiscal year.

For a manufacturer, the final accounts consist of (1) manufacturing account, (2) trading account, (3) profit and loss account, and (4) profit and loss appropriation account. A commercial company's final accounts will include all of the above except the manufacturing account. Together, these accounts show the gross profit, net income, and distribution of net income figures of the company.

Answer 2

Components of final account​

Explanation:

Final account is a financial statement generally prepared at the end of a financial year helps us in understanding the profitability condition of the firm. it has the following components-

1. Manufacturing account- It helps us in determining the cost of manufacturing of various goods in the organization.
2. Trading account- This account is prepared to note the value of total sales, purchase and other trade related transaction.
3. Profit and loss account- As the name itself suggests the purpose of this account is to determine the net profit earned by the organization.
4. Profit and loss appropriation account- This account is prepared to show the distribution of profit among various members.

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Components of final account​

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