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How easy is it to make your financial statements?

How easy is it to make your financial statements?

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Ans: Financial statements are Balance sheet and income statement.

1. It should start with the journalise the entries of the transactions made during the period.

2. Ledgers need to be prepared of showing the total balance of each account.

3. Trial balance is prepared of total debits and total credits.

4. Adjusted trial balane is prepared with adjusting entries.

5. Income statement and balance sheet is prepared showing finacial performance and finacial postion respectively.

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