CLOSING OF ACCOUNTS
All transactions until December 31, 2017 are to be entered/ booked.
- Sales invoices/Income vouchers are to be raised for all deliveries of goods/services rendered before December 31, 2017.
- All the income for the year accrued, is to be accounted, though the payment is not received.
- Payment vouchers, Receipt vouchers are to be prepared and booked for all cash transactions done up to the close of the year.
- Purchase account should be updated with all goods received, whether paid or not. The goods in transit from the supplier on FOB basis or on account of the Company for which liability for payment has risen, are also to be brought into account as ‘Goods in Transit’.
- All expenses for the period up to December 31, 2017, are to be booked, whether it is paid or not. Telephone, Water & Electricity, Salary, and other expenses for the month up to December are to be booked as expenses and the liability to be created for the unpaid amount.
- Prepayments of expenses like Rent, Insurance, License fee etc. are to be transferred from Expenses account to prepaid expense as assets.
- Staff end-off service benefits payable for the year are to be brought in to accounts.
PHYSICAL VERIFICATION OF CASH/ STOCK
The cash in hand at the close of December 31, 2017 are to be physically verified and reported. The cash in hand includes Petty cash, Main cash and Current dated cheque(s) etc. The verification should be made by a person other than the cashier from accounts and a report should be made noting the denominations of currency and the total amount. The report should be signed by the verifier and Cashier. Guidelines relating to Physical stock verification will be sent to your email upon submission of this form. (Applicable only for entities having physical inventory)
VALUATION OF INVESTMENT PROPERTIES
If you have any Investment properties in your books of accounts they should be valued by a professional valuer to arrive the value as on closing date December 31, 2017.
AUDIT DOCUMENTATION
The following documentation/formats will be sent to you by email upon submission of this form
- The “Soft copies” of confirmation formats are available for Customers balances, Suppliers balances, Bank balances, Advance, related parties, etc., These formats need to be printed on your official letterhead before sending to the relevant parties.
- The Guidelines for Stock Verification(Applicable only for entities having physical inventory)
- The list of details, documents, schedules and calculation tables required as part of the audit process which should be arranged to commence the audit procedure.
The above document formats will be sent to the email address mentioned in the form upon submission.
If you require any further assistance, please feel free to contact us at:
Gireesh Kumar |
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Nithin Nk |
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Monish Mohan |
+971508751338 |
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+971554242559 |
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+971528314382 |
+97165562640 Ext 305 |
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+9713277775 Ext 151 |
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+97124462005 |
gireesh@hlbhamt.com |
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nithin@hlbhamt.com |
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monish.mohan@hlbhamt.com |