How we will dabit profit & Loss a/c in tally because profit
& Loss a/c is tally generated a/c. we have to make
provision for tax.
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Just Pass a Journal entry on the 31st march.
Profit and loss account Dr
to Provision for Taxation
I think you havent noticed one thing in tally.
an Account by the name "Profit and loss" is already present
in the list of accounts.
go to Accounting vouchers\ Press F7 for Journal entry
change the date to 31 march and type pro..... we
automatically find profit and loss account displayed in the
list of accounts available.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / abubakar
If I Pass a Entry Dr P&L Account Cr Reserve and Surplus Account But Under Group What
| Is This Answer Correct ? | 1 Yes | 0 No |
what is ratio analysis
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
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