YEAR END ENTRIES
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2009
Pl. tell me the jouranl entries to be passed in the books at the year end to close the books like, transfer of profit to P&L account, Gen. reserve, Proposed dividend, tax on dividend, closing stock, Provision for tax, deffered tax, unclaimed dividend, etc.
CA. Rishabh Mittal
(Expert)
22 November 2009
1. Please note that amount of profit is not seperately transferred to P&L A/c. Instead, P&L A/c in itself shows the balance of Profit & Loss after transfers made to Gen Reserve, Prop Div., Propv. for tax, etc.,
2. Journal Entries....
- For transfer to Gerenal Reserve
Dr. P&L Appropiation A/c
Cr. General Reserve
- For Proposed Dividend
Dr. P&L Appropiation A/c
Cr. Proposed Dividend
Cr. Provision for tax on Dividend
- For Provision on Tax
Dr. P&L A/c
Cr. Provision for Tax
- For Deffered Tax
Dr. DTA
Cr. P&L A/c
OR
Dr. P&L A/c
Cr. DTL
- Closing Stock - It is seperately valued & entered into books of accounts as
Dr. Closing Stock
Cr. Trading A/c
2. Journal Entries....
- For transfer to Gerenal Reserve
Dr. P&L Appropiation A/c
Cr. General Reserve
- For Proposed Dividend
Dr. P&L Appropiation A/c
Cr. Proposed Dividend
Cr. Provision for tax on Dividend
- For Provision on Tax
Dr. P&L A/c
Cr. Provision for Tax
- For Deffered Tax
Dr. DTA
Cr. P&L A/c
OR
Dr. P&L A/c
Cr. DTL
- Closing Stock - It is seperately valued & entered into books of accounts as
Dr. Closing Stock
Cr. Trading A/c
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