Closing books of accounts
This query is : Resolved
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??
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.
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
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.
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
01 April 2017
See the link for more detailed closing of accounts.
https://www.accountingtools.com/closing-entries
https://www.accountingtools.com/closing-entries
01 April 2017
thank you so much sir for your valuable replies
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