What are the mandatory accounts that need to be setup in Set of Books?

What are the mandatory accounts that need to be setup in
Set of Books?

Question Posted / shantanu

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What are the mandatory accounts that need to be setup in Set of Books?..

Answer / jana_pc

Retained Earning Account

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6 Yes

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What are the mandatory accounts that need to be setup in Set of Books?..

Answer / mahi

Retained Earnings A/c

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6 Yes

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What are the mandatory accounts that need to be setup in Set of Books?..

Answer / shantanu

The first mandatory account is Retained Earnings Account.
But based on other Standard Options selected, the other
mandatory accounts are,
a. Suspense Account
b. Rounding Differences Account
c. Cumulative Translation Adjustment Account
d. Reserve for Encumbrance Account
e. Net Income Account

Is This Answer Correct ?

4 Yes

2 No

What are the mandatory accounts that need to be setup in Set of Books?..

Answer / kishore

retained earnings account
transaction adjustment account
suspense account
net income account
rounding differences account
reserve for encumberance account

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4 Yes

2 No

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