Closing books of accounts

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dasari sairam (Querist)
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29 March 2017 Dear Experts Please give me Clarification on " Closing books of accounts" what it mean ? it is same for company , firm and sole proprietor??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 March 2017 Closing of books of accounts is required every 31st March for preparing p&l and balance sheet. It's same for all.

dasari sairam

dasari sairam (Querist)
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30 March 2017 Ok sir thank you so much for your reply, it is required on 31st march, what it means, what we have to do, what closing books of accounts mean, please clarify

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 March 2017 You have to take closing stock as on 31st March and create liability for unpaid expenses to prepare p&l and bs. Account any income, like interest accrued.

dasari sairam

dasari sairam (Querist)
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31 March 2017 closing book of accounts means thats only sir?? just create unpaid liabilities and find out incomes thats only, if you dont mind explain it further if anything else than income, liability

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 April 2017 See the link for more detailed closing of accounts.
https://www.accountingtools.com/closing-entries

dasari sairam

dasari sairam (Querist)
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01 April 2017 thank you so much sir for your valuable replies

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