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Year end Closing
Reporting
Responsibility to report true and fair accounts: Directors
Prepare FRS – What is FRS? (Click here)
The FRS contains the following:
a. Balance sheet
b. Income statement
c. Statement of changes in equity
d. Cash flow statement
e. Notes, comprising a summary of significant accounting policies and other explanatory notes.
Financial statements you must have:
You can only prepare the above FRS if you have properly kept your accounting records:
1. General ledger
2. Subsidiary ledgers
3. Bank reconciliations
4. Trial balance
5. Profit and loss accounts
6. Balance sheet
7. Fixed asset schedules
8. Others...if relevant.