Answer / aravindreddy

General Ledger automatically posts the net balance of all
income and expense
accounts from the prior year to the retained earnings
account when you open
the first period of the fiscal year. GL will automatically
update the
retained earnings as needed, when you post journal entries
to the prior
year.

Answer / rajiv gupta

When we close last Finacial period (Soft/Hard close),system
automatically transfer the difference of Income and expense
accounts to the retained earning account which is
considered as the asset for the next financial period which
in turn get distributed to different account in next period.
This Retained earning account is mentioned at the time of
creating a Set of Book(SOB).This Retained earning account
is also called as Profit and Loss account(P&L).
At the time of closing financial period other account types
like asset and liabilities are carried forward to next
financial period.
Cash in Hand is an asset account.

Answer / neehar ranjan sahoo

Retained earning is one of the most mandatory account
without which the setup book cannot be setup and its other
wise called as Fund balance.

And the transfer of the retained earning amount is very
automated process no manual intervention is required.

After netting off of each and every months profit against
lossess the ultimate profit gets transfered to the next
year.and it gets accumulated in the Adj-period of that year.
i mean if one start calculating the profit and lossess of
each and every months in a year then would b definitely
getting the same ultimate figure lying in the ADj year's
profit and lossess account.And that's the amount which gets
transfered automatically to the next year under the head
Retained earning account.

So the path is : through Adjusted year's Trial balance
one can reach at the adjusted profit and loss figure lying
in that Adjusted period.Which is the ultimate figure of
Retained earning and that figure gets automatically gets
transfered to the next year retained earning accounts.

I paid 10,000 Rs in advance to the employee for meeting his expenses. The employee met only 5000 expenses and the remaining 5000 he has to retern to the company. How will you define it.

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