CA Sanjay Baheti (PROPRIETOR) (1155 Points)
25 March 2010Can Any one guide to me as to how to pass closing entries at year end under Tally's software version either ERP9/7.2
That is All Incomes/Expenses are transfered to Profit & Loss Account and excess of Incomes over Expenses or vice versa transfered to capital account in case of Non corporate concern. Also Opening & Closing stock in hand to be taken in to account.
Pradeep Sharma
(student)
(114 Points)
Replied 25 March 2010
My dear friends
the income & expenses are automatically transfred to the P&L A/c in Tally software.
where as for the transfred of the Profit or loss (as per the condition) to the capital a/c you have to done the following entry
P&L a/c dr
To Capital a/c
(in the case of profit & reversed it back in the case of loss)
and as far as the closing & opening stock is consern the balance or amount of the stock can be write on the stock ledger of altering it,
Rajesh Gupta
(accountant)
(47 Points)
Replied 10 May 2012
My P & L in net Loss pl. let me the closing entry will it be
Capital A/c ------Dr
To Respective exp A/c Cr.
MOHIT LUTHER
(ACCOUNTANT)
(118 Points)
Replied 31 August 2016
How to adjust closing stock while closing books in tally because it is still appearing as openinig stock under current assets.
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