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Financial Statement refers to the statement which shows the financial status or position of the company. It includes four main components Trading account, profit and loss account, balance sheet and notes to accounts. All these are important no financial statement can be completed without these parts. Amongst which every level of person needs different part of it.
Three amongst these have same 'T' format all have debit and a credit side. Where debit shows the transactions related to receiving or incoming and credit shows giving or outgoing. Every account has different concern but all of them are interrelated to each other. The trading account record the transactions taking place in a factory part of the company(like purchase of goods and sales of goods, freight of the raw goods, wages, rent etc.) In other words trading account shows the gross profit earned or gross looses suffered. The balance either profit or loss of trading account is transferred to Profit and loss account.
Profit and loss accounts contain the expenses and incomes of the office part of the company. It records all the transaction related to office (like transportation of finished goods, expenditure on advertising the product, salaries of the employees, rent of the office, electricity bills etc.) All these will be entered in the account after placing the gross profit or loss in the account. After recording all the transactions in the profit and loss account net profit or net loss is ascertained.
This net profit or net loss will be transferred to the third part i.e. balance sheet. Balance sheet is the most important part of the financial statements or we can say the whole sole statement showing the complete details of the company. it is formed with assets shown first opening each and every detail related to the assets of the company where as after assets the total is formed and just after that liabilities side is being made which contains all the details related to what a company has to pay to whom etc.
Balance sheet helps to ascertain the financial statement of the business. It clearly shows how assets are been balanced up with liabilities and capital of the business concern. After these three the most important is notes to account which contains the maximum details. Each and every transaction has to be opened up in notes of accounts. It contains detail of the transactions and all the working related to it.
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Students sometimes may have issues while calculating the amounts of financial statements. Some students excel the concept and ways of making trading account and face problem while making profit and loss and some have issues in composition of balance sheet. Every student has different I.Q. level and everyone needs different type of attention and help. But all these accounts are the base of the financial accounts. A student has to learn and understand the nature of the transaction and has to classify all the record transactions accordingly. The nature and proper computation of the amount of the transaction is very important. For resolving all these problems they need an expert's advice where an expert can help them to fix up there issues and create an environment where learning become more interactive and easy. There is no need to worry about where to look effective experts.
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