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Sales Invoice 50000/- fully profit , management want profit for this year should be appear in P&L A/c and B/S 25000/- only and remaining 25000/- profit retain for the next year
What will be JV for this year and next year?- Thank you
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Answer / Vijay Prakash Srivastav
To account for this scenario, a Journal Entry will be required. For this year, debit the Profit and Loss Account (P&L) with 25000/-, credit Sales Invoice Account with 50000/- and Debit Retained Earnings with 25000/-. For the next year, debit Retained Earnings with 25000/-. This way, the required profit for this year will appear in both P&L Account and Balance Sheet (B/S) as per the management's instructions, and the remaining profit is retained for the next year.
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