How we will dabit profit & Loss a/c in tally because profit
& Loss a/c is tally generated a/c. we have to make
provision for tax.
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Answer Posted / dsrnmurthy
Just Pass a Journal entry on the 31st march.
Profit and loss account Dr
to Provision for Taxation
I think you havent noticed one thing in tally.
an Account by the name "Profit and loss" is already present
in the list of accounts.
go to Accounting vouchers\ Press F7 for Journal entry
change the date to 31 march and type pro..... we
automatically find profit and loss account displayed in the
list of accounts available.
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