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PRINT ONLY WITHIN BOXES www.kra.go.ke DOMESTIC TAXES DEPARTMENT. ACCOUNTING PERIOD ENDED 31st DECEMBER 2011 2011 PARTNERSHIP RETURN Under Sec.52B of the Income Tax Act you are required to submit this

How to fill out accounting period ended

To fill out the accounting period ended, follow these steps:

1. Gather all relevant financial information: Collect all the necessary financial data, including income statements, balance sheets, cash flow statements, and any supporting documentation.
2. Review and reconcile accounts: Ensure that all accounts are accurately recorded and reconciled. Verify that the balances on the financial statements match the corresponding accounts in the general ledger.
3. Adjust for accruals and deferrals: Make any necessary adjustments for accrued revenue, accrued expenses, deferred revenue, and deferred expenses to ensure that the financial statements reflect the true financial position of the business.
4. Record closing entries: Close temporary accounts, such as revenue, expense, and dividend accounts, by transferring their balances to the retained earnings (or income summary) account. This step facilitates the preparation of financial statements for the next accounting period.
5. Prepare financial statements: Use the reconciled and adjusted account balances to create the financial statements, including the income statement, balance sheet, and cash flow statement.
6. Review and analyze the financial statements: Carefully examine the financial statements to gauge the financial health of the business, identify trends, and make informed decisions.

Who needs accounting period ended?

The accounting period ended is required by various stakeholders, including:

1. Business owners: They need the accounting period ended to assess the profitability, liquidity, and financial viability of the business. It helps them make strategic decisions, monitor performance, and prepare for tax obligations.
2. Investors: They require the accounting period ended to evaluate the financial performance and potential return on investment. The information helps them decide whether to invest in or divest from the business.
3. Auditors: They use the accounting period ended to verify the accuracy and completeness of the financial statements. This enables them to express an opinion on the fairness of the financial presentation and compliance with accounting standards.
4. Regulatory authorities: They may request the accounting period ended as part of their oversight and regulation of businesses. It helps them ensure compliance with financial reporting requirements and identify any irregularities or misstatements.

In summary, filling out the accounting period ended involves ensuring accurate financial records, making necessary adjustments, preparing financial statements, and meeting the information needs of various stakeholders.

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What is accounting period ended?

The accounting period ended is the time frame for which financial statements are prepared.

Who is required to file accounting period ended?

All businesses and organizations are required to file accounting period ended.

How to fill out accounting period ended?

To fill out accounting period ended, you need to gather financial data, prepare financial statements, and report on the ending period.

What is the purpose of accounting period ended?

The purpose of accounting period ended is to provide a snapshot of the financial position and performance of a business at a specific point in time.

What information must be reported on accounting period ended?

Information such as revenues, expenses, assets, liabilities, and equity must be reported on accounting period ended.