Final Accounts for Sole Proprietor

This this video we will see How to go about the process of preparation of Final accounts with adjustments included.
The last stage in accounting process is the preparation of final
Accounts.
From given trial balance a Trading, Profit & Loss A/c &
Balance Sheet is prepared
A Trading, Profit & Loss A/c is prepared to determine the
Profit or Loss made during a particular year, and Balance Sheet is
prepare which consists of all assets, Liabilities and Capital of
proprietor.
The totals of the two sides of the balance sheet must agree
because of the equation
Assets = Liabilities + Capital

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