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How to square off pervious year balance sheet in current yea

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 October 2013
Should i take opening Bal of Indirect Expenses of 2011-12 or only balance sheet items of pervious year 2011-12 in current year 2012-13 to Square off Profit & lossA/c
ans balance sheet in tally 9?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
09 October 2013 expenses ledgers cannot carry forward to next financial year. either you have to transfer under prepaid expenses or transfer as receivable under current asset then you have to adjust
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Tushar Desai

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Tushar Desai (Expert)
01 November 2013 yeah agreed,

Current Year's Expenses cannot be carried forwarded to next Year.
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