Important Financial Documents
Important financial documents
As a smack business owner, you need to prepare these documents to ascertain the economic status of your company. In addition, it becomes a proof to show your company’s financial condition and to make wiser dictions for the future.
Trail balance construction.
A trial balance has to balance if not there a possibility of an error made in the original postings of the figures to the ledgers. In that situation, the bookkeeper has to go back, check all data, and rectify the mistake. When the trial balance work finished, the senior staff will work out the profit and loss. Now based on the trial balance senior staff will prepare the trading profit and loss account. The profit and loss account reviews the expenses, purchase, and income during a particular accounting period. These figures only show you whether you have made a profit or loss during a specific period. It is essential that you have to get this report right as the calculation of tax liability based on this report. I will show you a small sample of the profit and loss report.
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