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March year end entries in tally ..checklist

Learner (abc) (254 Points)

15 March 2014

What are the March year end closing entries in tally for finalisation .. pls give checklist in general

Thank you.

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V P Narasimhan (Accounts Manager) (791 Points)
Replied 17 March 2014

Dear

Following things to be considered

Depreciation/Interest Due/Receivable/TDS due & Receivable/Deffered Tax Liability or Asset/Closing Stock or W I P/Expenses Due viz., Rent,Telephone Bill, Hire chargs Bills or any Expenses pertains to March for which Bills recd in April or later. Prepaid Expenses like Insurance/ Advances if any due/receivable etc.,

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Learner (abc) (254 Points)
Replied 18 March 2014

thanks for the reply... and what needs to be done in capital account apart from transferring the net profit....that is the lic ,mediclaim entries what should be passed in tally......

Thank you.

V P Narasimhan (Accounts Manager) (791 Points)
Replied 18 March 2014

Dear Suppose

If you have paid LIC/Mediclaim for the Qtr/Hfly ending June 30, i.e., 3 months in advance for the next FY, that amount can be treated as pre-paid expenses (as an asset) calculation can be made based on the yearly preimum .

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