06 June 2011
while doing tally,it is seen that the figure of drawings is being carried forward in the next accounting yr. what closing entries should i pass in order to close the drawings account in the same yr. plz help!!!!!!!
06 June 2011
Capital A/c Debit To Drawings A/c Credit
This entry will be passed with the balance standing in drawings a/c at the end of the year. The final closing balance of the capital shall be the opening balance next year.
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