FINAL ACCOUNTS INTRODUCTION

Preparation of final account is the last stage of the Accounting Cycle. The basic objective
of every concern maintaining the book of accounts is to find out the profit or loss in their business
at the end of the year.  Every businessman wishes to ascertain
the financial position of his business firm as a whole during the particular period. In order to achieve
the objectives for the
firm, it is essential to prepare final accounts
which include Trading,
Profit and Loss Account and Balance Sheet. 
The determination of profit or loss is done by preparing
a Trading, Profit and Loss Account.
The purpose of preparing the Balance Sheet is to know the financial soundness
of a concern as a
whole during the particular period.