Journal entry of Loss /profit in Pvt. Ltd. Company
This query is : Resolved
16 April 2022
what to pass journal entry of loss or profit in the case of company books of accounts on 31st March.
Loss 5,00,000/-
Profit 10,00,000/-
can i pass journal entry
in the case of loss
Reserve and surplus Account Dr. 5,00,000
To Profit and Loss Account
In the case of Profit
Profit and Loss account Dr 10,00,00
to Reserve and surplus Account
Loss 5,00,000/-
Profit 10,00,000/-
can i pass journal entry
in the case of loss
Reserve and surplus Account Dr. 5,00,000
To Profit and Loss Account
In the case of Profit
Profit and Loss account Dr 10,00,00
to Reserve and surplus Account
17 April 2022
Yes, you can pass such year end closing entries.
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