Answer / srinibas

HI,RETAINED EARNING IS AN ACCOUNT WHICH BELONGS TO FUND
BALANCE QUALIFIER.AT THE TIME OF YEAR END CLOSING WE NEED TO
TRANSFER THE DIFFERENCE BETWEEN REVENUE AND EXPENDITURE TO
RETAINED EARNING ACCOUNT
IF I AM WRONG CORRECT ME

Answer / rajiv gupta

Yes , u r right Srinibas....

Becasue if we do not define this Retained Earning account
then where the difference of Earning and expenditure will
go. This account is also called as Profit and Loss account
(P&L). As the balance in this account reflect the Profit
and loss of company.

Answer / kruthi

Retained earning account is mandatory for the SOB.Per year end closing balances like diffrences it will go to this account.

Answer / gsrao

Retained earning account is mandatory for the set of
book. because retain earning account is accumulated profit.

3)If you have awareness sin BG please tell me once i create BG and assingning profile classes to the responsibility then what to do whith that.

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