The description of accounting procedures on the worksheets for the Profit and Loss Account and the Balance Sheet were described above for the previous period, Month One (M1). The worksheets for subsequent periods, in this case Quarter One (Q1), follow similar procedures. For reasons of space, and to avoid repetition, the reader is referred to the Accounting System > Group 4 > WorkSheets Q1 to learn about the detailed entries for the worksheets on the Profit and Loss Statements, the Balance Sheet, the Statement of Cash Flow and the Statement of Changes in Equity during this period. The Trial Balance and the preparation of Final Financial Statements for Q1 are shown below. The accounting procedure to prepare the final financial statements is as described here.
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