which are the final entries while closing of books and
account at the end of financial year ?
- 1 Answers
- 5064 Views
- I also Faced
- E-Mail Answers
Answer / dattatraya
while colsing the books of accounts at the end of the
financial year normally following accounting entries need
to post.
1. Transfering personal accounts balance to the control
account like individual debtors accounts balance to debtors
controls accounts. In the Computer system this entry need
not to be posted because system automatically transfer
clearing accounts GL balance to control account.
2. Espenses accounts balance to the profit and Loss
accounts.
3.Income accounts (other than Sales) balance to the Profit
and Loss accounts.
4. Notional entries :
a. Depriciation charges on Assets
b. Intrest on Loan
c. Rent paid (while primises is owned by the proprietor)
d. Provision for bad and doubtful debts accounts.
e. Bad debts (when we come to know at the end of the year
some provision made for doubtful dets are finaly
irrecoverable.)
| Is This Answer Correct ? | 3 Yes | 1 No |
Premium collected by Insurance co. What will be all Journal entries & effect in the book of Insurance co in Transaction date & Period end date.
what is different between leaser of subsidary book and journal?
Which reserve comes on the debit side of Balance Sheet?
what is the meaning of prepaid&accruals in accounting?
What is the difference in accounting and marketing and what is so different about them?
What is trail balance
How we can transfer stock from our punjab firm to our chandigarh firm
what is the meaning of receivables and payable?
What is the Major Difference between Revised Schedule VI and Old Schedule VI ?
instead of clicking backup,i selected restore in tally7.2 and all my data is lost and i also forgot the comapny name,which i wanted to restore?how to recover my data?
plz can some one tel me "The concept of stock holder's equity and paid in capital".
what is suspense account?
Audit 
