• Maintain complete set of accounts book keeping
• Account finalization
• Wages and salary payment system
• Debtors collection system
• Creditors payment

To maintain the cost accounting information such as value of semi-processed goods value and finished goods value. The verifying of the semi-finished goods valuation is also made by the finance department personnel’s.

ACCOUNTS MAINTENANCE

Accounts Department-->Journal-->Ledger-->Trading Profit & Loss A/C-->Balance Sheet

JOURNAL

            Recording of business transactions is usually done in journal or subsidiary books. Small firms or sole traders may use the single journal system and bigger firms and companies may subsidiary books system.

LEDGER

          ‘Ledger’ is the second important stage in the accounting cycle or process. In this stage of accounting cycle, all recorded business transaction or entries are grouped on a predetermined basis. Such classification or grouping takes the form of ‘account’ in a separate book known as ledger. The ‘account’ in the ledger provide identifiable ‘grouping’ to the numerous business transactions.

PROFIT AND LOSS ACCOUNT

          Every profit and loss account of a company shall give a true and fair view of the profit &loss of the company for the financial year and shall company with a requirements of part 2 of schedule 5 so far as they are applicable. A year is, of course, of twelve months duration usually but a company may choose to prepare profit and loss account for eighteen month (with the permission of the register).

BALANCE SHEET

            The Balance Sheet of a company shall give a true and fair and view of affairs of the company as at the financial year. “The balance sheet must in from the set out in part1 of schedule 5 or as near circumstances permit”. Every balance sheet must be accompanied by profit and loss account, Auditor’s and director’s report and copies of these documents must be sent to the registrar after annual general body meeting’.