final account

  Classification of Account: Meaning of Account:-               An account is a summarized record of transactions relating to a particular person, assest, liability, particular heah of expenses or income recorded at one place. In day to day business activity large number of business transaction takes place. It affects the several acoount. At the end of certain period of time it is necessary for owner or businessman to balance the account to find out the information like liabilites , assets, income, expenses and capital of the business. Definition of Account:-                 According to G.R.Batliboi " An account summarized record of transactions affecting one person, one kind of property or one class of gain or loss." 1) personal account:                  This account represent a person and group of person with whom business deals. These accounts are classified i...

   Introduction:-                            Accounting is considered as scientific approach in maintaining record of business transactions. It provides a systematic accounting record to all on the financial status of  the entreprice. No sooner a business transaction takes place, the accounting process starts. the process is completed by the drafting the final accounts. Meaning of final accounts:-                             The primary aim of accounting is assessment of performance for the benefit of all stakeholders (owners, employees, suppliers, customers, financiers etc.) which will also help them to form their opinions on the financial position of their business concerns. The final account is the set of trading account, profit and loss account and balance sheet.  Bal fig. of trading A/C is GROSS PROFIT or GROSS LOSS. Pr...