For Consolidation Difference in Opening and Closing Balance of P & L A/c is assumed as the profit for the year whereas in Practice Manaul Q9 page 5.55 they have taken the aggregate of Closing and Opening Balance as profit earned for the year. Can somebody solve this problem.Thank you in advance
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Consolidation help
Replies (4)
What difference do you find between Profit for the Year & Profit earned for teh eyar??
I meant profit of the year= Closing Balance-Opening Balance but in that sum they have taken profit=Opening Balance+Closing Balance
Is there a loss in the opening balance?
No both the Opening and Closig have Cr Balance
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