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Final of Accounts
Sir, Iam doing bills entry only in Tally... Further I want to final books accounts regarding calculate book profits,arriving closing stock,calculate expenses and income based on previous years..plz explain by example..how to arrive profit reduce or increase based on which method what to do sir ...
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You should prepare final accounts on the basis of mercantile method, and profit should be based on ratio of turnover, expenses should be reduced or increased by a fixed ratio according to turnover, book profit should be arrived by adding back the provisions with the net profit and all the items credited in P/L should be deducted for arriving at book Profit
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