InvestorQ : what is final account?
subhankar das made post

what is final account?

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leah Diaz answered.
2 years ago
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Final accounts of any company include its Balance Sheet, Profit & Loss Account, Statement of Changes in Equity, Statement of Cash Flow, Notes to Accounts and Other Disclosures. However, Final Accounts of Banking Companies are governed by the Banking Regulation Act 1949. As per the Schedule III of Section 29 of the said Act, it can be divided into two categories Form “A” for the balance sheet and Form “B” for Profit and Loss Account.

The balance sheet consists of 12 Schedules:
Schedule 1: Capital
Schedule 2: Reserve & Surplus
Schedule 3: Deposits
Schedule 4: Borrowings
Schedule 5: Other Liabilities and Provisions
Schedule 6: Cash and Balances with Reserve Bank of India
Schedule7: Balances with banks & money at call & Short Notice
Schedule 8: Investments
Schedule 9: Advances
Schedule 10: Fixed Assets
Schedule 11: Other Assets
Schedule 12: Contingent Liabilities

Profit and Loss account has four schedules:
Schedule 13: Interest Earned
Schedule 14: Other Income
Schedule 15: Interest Expended
Schedule 16: Operating Expenses
You can check the prescribed format at the Banking Regulation Act, 1949.
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