Finalization of Accounting PDF

Finalizat F tion of Accounti A ing FINA F AL LIZA ATION N PO OIN NTSS INDE...

Finalizat F tion of Accounti A ing FINA F AL LIZA ATION N PO OIN NTSS INDE EX Sr. No. N Topics Page No. 1 Entryy of intereest on Debbentures 1 2 Adv. Payment of I.Tax/SSelf Ass. off I.Tax/ Proovision for 1 I.Tax ( Paymen nt and Entry ) 3 Entryy for Proviision for Exp. E 3 4 Closuure of Accounts by passing p enntry throu ugh Kasar o or 5 Allow wance A/cc 5 Outstanding In ncome or Income Accrued bu ut not Receeived 5 6 How to pass entry of Clo osing Stocck 6 7 Unpaaid or Outstanding Expenses E 6 8 Prepaid Expenses or Exp pense paid d in Advan nce 7 9 Incomme Receivved in Advvance 7 10 Statioonery Stock 7 11 Commission on Profit 7 12 How to calculaate Deprecciation & its entry 8 13 Accounting entry for Bo onus/ Grattuity/ Leavve Encashment 8 14 Entryy for Interest on Seccured/ Un nsecured Loan L or Baank 8 over Draft 15 TDS entry e and its calculaation 8 16 Sale of Assets and Investments 10 17 Salarry 10 18 Differed Reven nue Exp. 11 19 Otheer Journal Entries 12 20 Ledger Scrutin ny 14 21 How To Adjustt the Profit or Reduce profit ? 14 0 Disclaimer Every effort has been made to avoid error or omissions in this book. In spite of this, errors may creep in any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. It is notified that the authors shall not be responsible for any damage or loss of action to any one, of any kind, in any manner, there from. It is suggested that to avoid any doubt the reader should cross check all the facts, law and contents of the publication with original Government publication or notifications. No part of this book may be reproduced or copied in any form or by any means or reproduced on any disc, tape, perforated media or other information storage device, etc., without written permission of the publishers. Breach of this condition is liable for legal action. THIS BOOK IS FOR PRIVATE CIRCULATION ONLY MUNIMJI TRAINING AND PLACEMENT PRIVATE LIMITED 323, Devpath Complex, B/h., Lal Bunglow, off C.G.Road, Navrangpura, A’bad - 9. Ph. : (079) 4030 66 22 | Mobile : 955 855 66 22 E-mail : [email protected]| Web : www.munimji.co.in| facebook/munimji.co.in  F Finalizat tion of Accounti A ing 1. En ntry of intterest on Debenturres : Co ompany hash issued Debenturres BxS Sec. Loan Date Particulars On date of o Issue B Bank A/c Dr. To 12% 1 Debentture A/c P&L A//C Dr Side Interest liiability D Debenture Interest A/cc Dr. created To Debenture D H Holder A/C Sund dry Creditorss Interest Payment P D Debenture Holder A/c Dr. To Bank B A/c Debenturre 1 Debenture A/c 12% Dr. Redeemeed To Bank B A/c Jo ournal Enttry in the Books B of account a off Investor BxS Investme ent Daate Particu ulars On date of o 12% Debeenture A/c Dr. BxS Currrent Assets Investment To Bank A/c Interest Accrued A Interest on Debenturre Accrued but b not received A/c A Dr. BxSS Indirrect Income To Interest onn Debenture e A/c Interest Received R Bank A/c Dr. n Debenture To Interest on e Acccrued but not n receivedd A/c Maturity of Bank A/c Dr. Debenturre To 12% Deben nture A/c 2. Adv. Payme ent of I.Taax/Self Asss. of I.Taxx/ Provisio on for I.Taax ( Payment and Entry ) : P.Y. : 18‐1 19 Advance Payment of o Income Taax B BxS Loaans & Advancces Date P Particulars Debit Creditt 1 15/06/2018 8 Advancee I.Tax Asst.. Year 19‐20 0 A/c Dr. 1,00,00 00 To Bank B A/c 000 1,00,0 1 15/09/2018 8 Advancee I.Tax Asst.. Year 19‐20 0 A/c Dr. 1,00,00 00 To Bank B A/c 1,00,0 000 1 15/12/2018 8 Advancee I.Tax Asst.. Year 19‐20 0 A/c Dr. 1,00,00 00 To Bank B A/c 1,00,0 000 1 15/03/2019 9 Advancee I.Tax Asst.. Year 19‐20 0 A/c Dr. 1,00,00 00 P& &L A/C Dr Sid de To Bank B A/c 1,00,0 000 3 31/03/2019 9 I.Tax Exp p. A/c Dr. D 4,50,00 00 BxSS Proviisions To Provision P fo or I.Tax of A.Y. A 19‐20 A//c 4,50,0 000 1 F Finalizat tion of Accounti A ing BxS as on n 31/03/2 2019 Provision :‐ P Loanss & Advancces :‐ P Provision fo or I.Tax for A.Y.19‐20 A A A/c 4,50,000 Advance I.Tax fo or A.Y.19‐20 0 A/c 4,00,000 P&L for the year ended on n 31/03/20 019 I.Tax Exp. A//c 4,50,000 BxS Loans & Advances A Self Assessment Taxx for the AY Y 2019‐20 Date P Particulars Debit Creditt 2 25/09/2019 9 Self Asstt. Tax for Assst. Year 19‐20 A/c Dr. 50,000 To Bank B A/c 50,000 0 BxS as on n 31/03/2 2020 Provision :‐ P Loanss & Advancces :‐ P Provision fo or I.Tax for A.Y.19‐20 A A A/c 4,50,000 Advance I.Tax fo or A.Y.19‐200 A/c 4,00,000 Self Asst. A Tax forr A.Y. 19‐20 0 A/c 50,000 1st Situattion :‐ Ordder Receiveed on 01/01 1/2021 from m I.Tax depaartment (INTTIMATION U/S 143(1) OF THE INC COME TAX ACT, 1961 1). Tax Liabiility is samee as mention ned in ITR. Date P Particulars Deebit C Credit 0 01/01/2021 1 Provisio on for I.Tax for f A.Y. 19‐2 20 A/c Dr. 4,5 50,000 To Advance A I.TTax for A.Y. 19‐20 A/c 4 4,00,000 To Self S Assessm ment Tax fo or A.Y. 19‐20 0 A/c 5 50,000 2nd Situaation :‐ Ordder Receiveed on 01/01 1/2021 from m I.Tax depaartment (INTTIMATION U/S 143(1) OF THE INC COME TAX ACT, 1961 1). Tax Liabiility is Rs. 4,,75,000. Date P Particulars Deebit C Credit 0 01/01/2021 1 Self Asseessment Tax for A.Y. 19 9‐20 A/c Dr. 255,000 To Bank B A/c 2 25,000 0 01/01/2021 1 Provisio on for I.Tax forf A.Y. 19‐2 20 A/c Dr. 4,550,000 I.Tax forr the A.Y.199‐20 A/c Dr. 25 5,000 To Advance A I.TTax for A.Y. 19‐20 A/c 4 4,00,000 To Self S Assessm ment Tax fo or A.Y. 19‐20 0 A/c 5 50,000 To Self S Assessm ment Tax fo or A.Y. 19‐20 0 A/c 2 25,000 2  F Finalizat tion of Accounti A ing BxS as on n 31/03/2 2019 Provision :‐ P Loanss & Advancces :‐ P Provision fo or I.Tax for A.Y.19‐20 A A A/c 3,75,000 Advance I.Tax fo or A.Y.19‐20 0 A/c 4,00,000 Ord der Receiveed on 01/011/2021 from m I. Tax depaartment (IN NTIMATION U/S 143(1) OF THE INC COME TAX ACT, 19611). Tax Liabiility is Rs. 3,,75,000. Date Particulars P Debit Creditt 0 01/01/2021 1 Provisio on for I.Tax for f A.Y. 19‐2 20 A/c Dr. 3,75,00 00 P&L Cr Side Bank A//c Dr. D 27,500 To Advance A I.TTax for A.Y. 19‐20 A/c 000 4,00,0 To Interest I on I.Tax Refun nd A/c 2,500 3. En ntry for Prrovision for Exp. : Entry for the P.Y. : 18‐19 1 P&L Dr Side Create a Provision asa on 31/03//2019 Date P Particulars Debit Creditt 3 31/03/2019 9 Audit Feees A/c Dr. D 25,000 BxS Provisions To Provision P fo or Audit Feees A/c 25,000 0 Auditt Fees A/cc T Provision To n for Audit Fees F A/c 25,000 By P& &L A/c 25,000 25,000 25,000 Prrovision fo or Audit Fe ees A/c T Bal C/F To 25,000 By Au udit Fees A//c 25,000 25,000 25,000 BxS as on n 31/03/2 2019 Provision :‐ P P Provision fo or Audit Fees A/c 25,000 3 F Finalizat tion of Accounti A ing P&L at a the end d of the ye ear comple eted on 31/03/201 19 T Audit Feees A/c To 25,000 Entry for the P.Y. : 19‐20 1 Reverse entry e as on 01/04/201 19 Date P Particulars Debit Creditt 0 01/04/2019 9 Provisio on for Audit Fees A/c Dr. 25,000 To Audit A Fees A/c A 25,000 0 Sundryy creditors Actual Bill Received on 11/10/2 2019 Date P Particulars Debit Creditt 1 11/10/2019 9 Audit Feees A/c Dr. D 25,000 To J.U.Shah J & Co. A/c 25,000 0 Payment on 25/10/2 2019 Date P Particulars Debit Creditt 2 25/10/2019 9 J.U.Shah h & Co. A/c Dr. D 25,000 To Bank B A/c 25,000 0 Auditt Fees A/cc T J.U.Shah & Co. A/c To 25,000 By Prrovision for Audit Fees 25,000 A/c 25,000 25,000 J.U.Shaah & Co. A/c A T Bank A/cc To 25,000 By Au udit Fees A//c 25,000 25,000 25,000 Prrovision fo or Audit Fe ees A/c T Audit Feees A/c To 25,000 By Baal B/D A/c 25,000 25,000 25,000 4  F Finalizat tion of Accounti A ing Baank A/c By J.U U.Shah & Co o. A/c 25,000 Acttual Bill Reeceived fo or Higher Amount Le ess Amountt Excesss amount co onsidered as a a current year expen nse Less amount deducted d fro om current year expen nse 4. Cllosure of Accounts A by passin ng entry th hrough Kaasar or Allowance A A/c : SSundry Deb btors Debit Crediit Cllosing Balannce X XYZ 1,00,100 0 1,00,000 1000 Dr. A ABC 50,000 45,00 00 5,,000 Dr. (Fu ull & Final Seettlement) P PQR 10,500 5,000 0 5,,500 Dr. Acccounting Entries E : Date P Particulars Debit Creditt 1 Kasar orr Allowancee A/c Dr. D 100 To XYZ X A/c 100 2 Discoun nt Allowed A/c A Dr. D 5,000 To ABC A A/c 5,000 3 Bad Deb bts A/c Dr. D 5,500 To PQR P A/c 5,500 5. Outstandin O ng Income e or Incom me Accrued d but not Received : Transactiion : Fixed Deposit D of Rs. R 10,00,00 00 put up in n SBI @ 10% % for 2 Yearr on 01/01//2018 Date P Particulars Debit Crediit BxS Investm ment 0 01/01/20188 Fixed Deeposit @ SB BI @ 10% A//c Dr. D 10,00,0 000 To Bank B A/c 10,00 0,000 3 31/03/20188 Fixed Deeposit @ SB BI @ 10% A//c Dr D 25,000 P&L P Cr Side To Interest I on Fixed Depo osit A/c 25,00 00 OR Interest accrued bu ut not receivved A/c Dr. D 25,000 To Interest I on Fixed Depo osit A/c 25,00 00 3 31/03/20199 Fixed Deeposit @ SB BI @ 10% A//c Dr D 1,00,00 00 B BxS Lo oans & Advaances To Interest I on Fixed Depo osit A/c 1,00,000 5  F Finalizat tion of Accounti A ing 3 31/12/2019 9 Fixed Deeposit @ SB BI @ 10% A//c Dr D 75,000 To Interest I on Fixed Depo osit A/c 75,00 00 0 01/01/2020 0 Bank A//c Dr. D 12,00,0 000 To Fixed F Depossit @ SBI @ 10% A/c 12,00 0,000 6. How to passs entry off Closing Stock S : Date Particulars 31/03/20 019 Closin ng Stock acccount Dr To Trrading account Closing Sto ock In Trial T Balancce In Adjusstment O Effect One Two Effects In Balance B Sheeet In Balance Sheet S In Profitt & Loss A/cc Cu urrent Assetts Current Asssets Trad ding A/c Closing Stockk Closing Sttock C Side Cr 7. Unpaid or Outstandi O ing Expen nses : Date P Particulars P&L A A/C Dr Side 31/03/20 019 Expense account Dr To Outstanding O g Expense account BxS Current Liaability OR To Unpaid U Expense account OR To Party P A/c 01/04/20 019 Outstaanding Expeense accoun nt Dr OR Unpaidd Expense account a Dr OR Party A/c A Dr To o Bank A/c 6  F Finalizat tion of Accounti A ing 8. Prrepaid Exp penses orr Expense paid in Ad dvance : P&L A/c Drr Side Trransaction : As on 01/1 12/2018 paaid Fire insu urance prem mium of Rs.. 12,000 forr the Accoun nting year 2018‐19 2 Date Particularrs Debit Creedit 01/12/20018 Fire In nsurance premium A/c Dr 4,00 00 B BxS Loans & Advances Prepaid Fire insurance Prem mium A/c Dr 8,00 00 Too Bank A/c 12,000 01/04/20019 Fire In nsurance premium A/c Dr 8,00 00 To o Prepaid Fire insurancce Premium A/c 8,000 9. In ncome Recceived in Advance A : BxS Currentt Liability Transactiion : As on 31/03/2019 3 9 received Rent R of Rs. 20,000 by Cheque C for March & April A 2019 Date Particularrs Debit Creedit 31/03/20 019 Bank A/c A Dr 20,0 000 P&LL A/c Cr Sidee To o Rent received in Advaance A/c 10,000 To o Rent A/c 10,000 01/04/20 019 Rent received r in Advance A A//c Dr 10,0 000 To o Rent A/c 10,000 10. Stationery S y Stock : P&L A/c Dr D Side Transactiion : Purchaase a Statio onery of Rs. 2,00,000 as on 25/03//2019. Date Particulars Deb bit Rs Creedit 25/03/20 019 Statio onery Expen nse A/c Dr 2,00,000 T Bank A/cc To 2,00,000 31/03/20 019 Statio onery Stockk A/c Dr 1,80,000 T Stationerry expense A/c To 1,80,000 01/04/20 019 Statio onery Expen nse A/c Dr 1,80,000 Too Stationeryy Stock A/c 1,80,000 BxS Currrent Asset 11. Commissio C on on Proffit : P&L A/c Drr Side Date Particulars 31/03/20 019 Manaager`s Commmission A/cc Dr BxS Curren nt Liability To Manager`ss Commissio on Payable A/c A OR To Party A/c 7  F Finalizat tion of Accounti A ing 12. How H to callculate De epreciatio on & its en ntry : BxS Fixed d Assets Date Particulars 1 Fixed Asseets A/c Dr. P&LL A/c Dr Sidee To Baank A/c 2 Depreciation A/c Dr. To Fixxed Assets A/c A Note:‐ Pleaase check the Fixed Assets reegister and d calculation of Dep preciation as per I.Tax Act. 13. Accounting A g entry fo or Bonus/ Gratuity// Leave En ncashmentt : P&L A/c Dr Side Date Particulars 1 Bonus A/cc Dr. BxS Current Liability To Staaff Bonus Paayable A/c P&L A/c D Dr Side 2 Leave Encashment A//c Dr. OR P&L A/c Drr Side Gratuity A/c A Dr. To Proovision for Leave Encashment A/cc BxS Provision OR To Proovision for Gratuity A//c BxS Provision 14. Entry E for In nterest on o Bank over Draft : n Secured/ Unsecurred Loan or BxxS Secured Loan Date Particulars P Debit Cred dit 0 01/04/2018 8 Bank A//c Dr. D 10,00,0 000 To SBI S Loan A//c 10,0 00,000 0 05/05/2018 8 SBI Loan n A/c Dr. D 5,000 P&L A/c Dr Side Interest on Secured d Loan A/c Drr. 45,000 To Bank B A/c 000 50,0 Note:‐ Pleaase check balance confirmati c ion statem ment at the end of tthe F.Y. Clo osing balaance sh hould be matched m w your books of accounts. with a 15. TDS T entry and its caalculation : Naame of Commpany:‐ MTTPPL Seection Paarty Bill Date Bill Amount Payment TDS 944J J.U.Shah & Co.(P.Firm) 01/05//2018 15,0000 15/05/2018 8 ‐ 944J J.U.Shah & Co.(P.Firm) 01/06//2018 15,0000 15/07/2018 8 15/07/2018 944J J.U.Shah & Co.(P.Firm) 01/09//2018 20,0000 15/08/2018 8 15/10/2018 8 F Finalizat tion of Accounti A ing MTPPL: Service Receive M er P&LL A/C Dr Side Date P Particulars Debit Credit 0 01/05/20188 Consultaancy Chargees A/c Dr. D 15,000 0 Sun ndry Creditorrs To J.U.Shah J & Co. 15,00 00 1 15/05/20188 J.U.Shah h & Co. A/c Dr. D 15,000 0 To Bank B A/c 15,00 00 0 01/06/20188 Consultaancy Chargees A/c Dr. D 15,000 0 To J.U.Shah J & Co. 15,00 00 0 01/06/20188 J.U.Shah h & Co. A/c Dr. D 3,000 BxS Duties & Taxes T To TDS T Payablee A/c 3,000 0 N Note:‐ Tax iss to be deducted eitheer at the tim me of Credit or at the time of Paymment whichever is earlier. P& &L A/C Dr Sidde 1 15/07/20188 J.U.Shah h & Co. A/c Dr. D 12,000 To Bank B A/c 12,0000 1 15/07/20188 TDS Payyable A/c Dr. D 3,000 Interest on TDS A/cc Dr. 90 To Bank B A/c 3,090 1 15/08/20188 J.U.Shah h & Co. A/c Dr. D 18,000 To Bank B A/c 18,0000 1 15/08/20188 J.U.Shah h & Co. A/c Dr. D 2,000 To TDS T Payablee A/c 2,000 N Note:‐ Tax iss to be deducted eitheer at the tim me of Credit of at the time of Paymment whichever is earlier. 0 01/09/20188 Consultaancy Chargees A/c Dr. D 20,000 To J.U.Shah J & Co. A/c 20,0000 1 15/10/20188 TDS Payyable A/c Dr. D 2,000 Interest on TDS A/cc Dr. 90 To Bank B A/c 2,090 Su undry Debtorrs J.U U.Shah & Co.: C Service Provider Date P Particulars Debit Creditt 0 01/05/20188 MTPPL A/c A Dr. D 15,000 P& &L A/C Cr Side To Consulting C Fees A/c 15,000 0 1 15/05/20188 Bank A//c Dr. D 15,000 To MTPPL M A/c 15,000 0 0 01/06/20188 MTPPL A/c A Dr. D 15,000 To Consulting C Fees A/c 15,000 0 0 05/07/20188 Bank A//c Dr. D 12,000 BxS Loans L & Advances To MTPPL M A/c 12,000 0 1 15/07/20188 TDS Recceivable A/cc Dr. D 3,000 To MTPPL M A/c 3,000 1 15/08/20188 Bank A//c Dr. D 18,000 To MTPPL M 18,000 0 9  F Finalizat tion of Accounti A ing 1 15/08/2018 8 TDS Recceivable A/cc Dr. D 2,000 To MTPPL M A/c 2,000 0 01/09/2018 8 MTPPL A/c A Dr. D 20,000 To Consulting C Fees A/c 20,000 0 16. Sale S of Asssets and In nvestmen nts : BxS Fixed Assetss Date Particulars P Debit Creditt Purchasse of Compu uter BxS Sundry Creditors 0 01/04/2018 8 Computter A/c Dr. D 100 To XYZ X Enterprise A/c 100 Paymen nt of Bill 3 30/04/2018 8 XYZ Enteerprise A/c Dr. D 100 To Bank B A/c 100 P&L A/C Dr Side Depreciation Entryy 3 31/03/2019 9 Depreciation A/c Dr. D 60 To Computer C A A/c 60 Depreciation till th he date of saale 3 30/09/2019 9 Depreciation A/c Dr. D 12 To Computer C A A/c 12 Sale of Computer C @ Rs. 20/‐ P& &L A/C Dr Sid de 3 30/09/2019 9 Bank A//c Dr. D 20 Loss on Sale of Property A/c Dr. D 8 To Computer C A A/c 28 OR Sale of Computer C @ Rs. 40/‐ P&L A/C Cr Side Bank A//c Dr. D 40 To Profit P on Saale of Propeerty A/c 12 To Computer C A A/c 28 17. Salary S Entrry : P&L A/C Dr Sidee Date Particulars P Debit Creditt 3 30/04/2018 8 Basic Saalary Exp. A//c Dr. 25,000 HRA A/cc Dr. 10,000 BxS Duties & Taaxes Transpo ortation Allo owance A/c Dr. D 2,500 Special Allowance A A A/c Dr. D 22,000 Medicall Reimburseement A/c Dr. D 1,250 BxS Loans L & Advaances To Professiona P al Tax‐ Emplloyee A/c 200 To PFP Employeee Payable A/c A 3,000 To ESIC E Employyee Payablee A/c 1,550 To TDS T Payablee u/s 92B A/c 2,000 To Mr. M X Loan A/c 4,000 BxS Sundry Creeditors To Mr. M X A/c 50,0000 10  F Finalizat tion of Accounti A ing 0 07/05/2018 8 Mr. X A//c Drr. 50,000 To Bank B A/c 0 50,000 18. Differed D Re evenue Exxp. : BxS Misc. Asssets (Assets)) Date Particulars P Debit Creditt 3 31/03/2018 8 Salary A/c A Dr. D 4,00,00 00 To Mr. M X 000 4,00,0 3 31/03/2018 8 Differed d Salary Exp. A/c Dr. D 3,00,00 00 P&LL A/C Dr Sidee To Salary S A/c 3,0,00 00 0 05/04/2018 8 Mr. X A//c Dr. 4,00,00 00 To Bank B A/c 000 4,00,0 3 31/03/2019 9 Salary A/c A Dr. D 1,00,00 00 To Differed D Sallary Exp. A//c 1,00,0 000 3 31/03/2020 0 Salary A/c A Dr. D 1,00,00 00 To Differed D Sallary Exp. A//c 000 1,00,0 3 31/03/2021 1 Salary A/c A Dr. D 1,00,00 00 To Differed D Sallary Exp. A//c 1,00,0 000 Profit and Loss A/c for th he year en nded on 31/03/201 3 18 SSalary A/c 4,00,000 L Less ( (3,00,000) 1,00,000 BxxS as on date d 31/03 3/2018 Differred Salary Exp. E 3,00,000 Profit and Loss A/c for th he year en nded on 31/03/201 3 19 S Salary A/c 1,00,000 BxxS as on date d 31/03 3/2019 Differred Salary Exp. E 2,00,000 11  F Finalizat tion of Accounti A ing Profit and Loss A/c for th he year en nded on 31/03/202 3 20 S Salary A/c 1,00,000 BxxS as on date d 31/03 3/2020 Differred Salary Exp. E 1,00,000 Profit and Loss A/c for th he year en nded on 31/03/202 3 21 S Salary A/c 1,00,000 BxxS as on date d 31/03 3/2021 Differred Salary Exp. E 0 19.Other O Journal Entrie es :  Entry of Mutual M Fun nd :‐ Datee Particulaars Investmeent On the Daate of Muutual Fund A/c A Dr. Investment To Bank A/c On the Daate Bannk A/c Dr. Indirectt Income Of Sale To Proffit on Mutual Fund A/cc To Muttual Fund A/c A OR Bannk A/c Dr. Indirect E Exp. Losss on Mutuaal Fund A/c Dr. To Muttual Fund A/c A  Entry of Shares S :‐ Date Particulars Investment On the When Shares are e Purchase date of XYZ Sh hares A/c Dr. Indirect Exp. invoice STT A//c Dr. Brokerrage Chargees Dr. To Bank A/c A 12 F Finalizat tion of Accounti A ing When Shares are e Sold On the Bank A/c A Dr. date of saale STT A//c Dr. Brokerrage Chargees Dr. To Share A/c A Indirect Inccome To Profit on o Share A//c ORR Bank A/c A Dr. STT A//c Dr. Brokerrage Chargees Dr. Indirect Exxp. Loss on Share A/cc Dr. To Share A/c A  Entry of Remunerati R ion to Partn ner :‐ Date Particulars Indirect Exp. At the end Remun neration to Partner A/c Dr. of the Yeaar To Partner A/c Capital A/c  Entry of LIC L Investment :‐ Date Particulars Date of LIC Preemium A/c Drr. Investm ment Investment To Bank / Cash A/c Maturity Bank A/c A Drr. Date To LIC Premium A/c Indirecct Income To LIC Acccrued Bonuss/Int. on LIC C A/c  Entry of NSS/NSC N Investment :‐‐ Date Particulars Date of NSC / NSS A/c Drr. Investm ment Investment To Bank A/c A On the Ennd NSC / NSS A/c Drr. Indireect Income of the Yeaar To Interestt on NSC / NSS N A/c Maturity Bank A/c A Drr. Date To NSC / NSS N A/c  Entry of Profit P Or Lo oss Transferr to Capital A/c:‐ Date Particulars On End of When Profit are made m the Year Profit & Loss A/c Drr. To Capital A/c OR 13  F Finalizat tion of Accounti A ing When Loss are madem Capitaal A/c Drr. To Profit & Loss A/c 20.Points P of Ledger L Scrrutiny :  Cross ch heck with the t return n for the following statutory s d dues : GST, TDS, PF, ESICC, P.Tax  Balance confirmation of Baank and Caash.  Cash cerrtificate fo or cash onn hand from manage ement.  No Negaative Balance in Cassh Ledger..  Cross ch heck cash payment above Rs. 20,000.  Debtorss/ Creditorrs/ Branch h Reco. Balance con nfirmation.  TDS Recce. Cross check c withh 26AS.  Fixed Asssets : Oveer & Above Rs. 5,00 00.  Cross ch hecking off Assets wiith the oriiginal Bills & F.A. Reegister  Check Fixed Assetts Register  No. of Shares crosss check with w Demaat A/c 21. How H to ad djust the profit p or reduce pro ofit? 14