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Rounded off Ledger A/c

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 June 2010 Dear Sir,

I want to know what is the meaning of Rounded off ledger,

when we received a purchase bill or issue a sale bill we are adjusted the bill amount with +/- R/o .

Please give the Brife of this R/o,s effect in final Accounts balance sheet.

yours truly
Ram Kumar
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 June 2010 Round off ledger for rounding off the amount nearest to rupees which is coming in fraction .
like in case of 1000.85 , it will Round off + .15, now amount is RS. 1001/-
in case of 1000.45 , it will round off - .45 , now amount is Rs. 1000/-

Round off a/c balance is shown as misll. expense in Profit & Loss a/c
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