closing bal. of last year
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2010
Please tell me what are the Accounts, which last year closing balance is necessary to carry forward as on opening balance, while finalization of Balance sheet of current year
Aditya Maheshwari
(Expert)
07 May 2010
There are three types of accounts
Personal Accounts :All the personal A/c are included . A person who takes debited and a person who gives credited
Real Accounts: All the real A/c as fixed assets which is real in nature are included inwhich whatever comes in debited and watever goes out credited
Nominal A/c : In the nominal A/c all the Expenses & loss IS debited and all the incomes and gains is credited
Carry forward of real & personal a/c necessary
Personal Accounts :All the personal A/c are included . A person who takes debited and a person who gives credited
Real Accounts: All the real A/c as fixed assets which is real in nature are included inwhich whatever comes in debited and watever goes out credited
Nominal A/c : In the nominal A/c all the Expenses & loss IS debited and all the incomes and gains is credited
Carry forward of real & personal a/c necessary
Rahul Gupta
(Expert)
07 May 2010
Very Well Explained by Mr. Aditya.
Infact, all the accounts balances which are presented on the Balance sheet are shown as opening balances in next year Balance sheet.
Infact, all the accounts balances which are presented on the Balance sheet are shown as opening balances in next year Balance sheet.
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