Is correct way to find out capital of individual on 31st March
This query is : Resolved
26 November 2024
is correct way to find out capital of individual on 31st march
sales A/c Dr
Income A/c Dr
profit from firm A/c Dr
To purchase A/c
To Expenses A/c
To Drawing A/c
To Loss A/c
To TDS/TCS/Advance Tax paid
and Difference amount to be treated as capital.
and 2nd Entry on 31st march profit or loss to be passed
in the case of profit
Profit and Loss A/c Dr
To Capital A/c
in the case of loss
Capital A/C Dr
To Profit and Loss A/c
sales A/c Dr
Income A/c Dr
profit from firm A/c Dr
To purchase A/c
To Expenses A/c
To Drawing A/c
To Loss A/c
To TDS/TCS/Advance Tax paid
and Difference amount to be treated as capital.
and 2nd Entry on 31st march profit or loss to be passed
in the case of profit
Profit and Loss A/c Dr
To Capital A/c
in the case of loss
Capital A/C Dr
To Profit and Loss A/c
27 November 2024
Yes, technically correct.
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