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Preparation of final account is the last stage of the Accounting Cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit or loss in their business at the end of the year.  Every businessman wishes to ascertain the financial position of his business firm as a whole during the particular period. In order to achieve the objectives for the firm, it is essential to prepare final accounts which include Trading, Profit and Loss Account and Balance Sheet. 
The determination of profit or loss is done by preparing a Trading, Profit and Loss Account.
The purpose of preparing the Balance Sheet is to know the financial soundness of a concern as a whole during the particular period.

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