Accounting Process
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2010
Dear Sir/Madam
Thw net effect of all the Nominal Accounts in India?
(a) Profit & Loss A/c
(b) Trading A/c
(c) Capital A/c
(d) Balance Sheet
Please tell which is the answer and Explain?
Thw net effect of all the Nominal Accounts in India?
(a) Profit & Loss A/c
(b) Trading A/c
(c) Capital A/c
(d) Balance Sheet
Please tell which is the answer and Explain?
18 December 2010
Answer is (a) and (b)
All nominal accounts are closed at the end of the accounting period and the balances are transfered to either of the Trading Account and Profit & Loss Account by way of closing entries.
If you want to specify only one answer, it is Profit & Loss Account, as P & L Account encompasses Trading Account also.
All nominal accounts are closed at the end of the accounting period and the balances are transfered to either of the Trading Account and Profit & Loss Account by way of closing entries.
If you want to specify only one answer, it is Profit & Loss Account, as P & L Account encompasses Trading Account also.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- ITR returnFY25-26
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
