How to pass closing entries in Books under Tally's Software

Can Any one guide to me as to how to pass closing entries at  year end under Tally's software version  either ERP9/7.2

That is All Incomes/Expenses are transfered to Profit & Loss Account  and excess of Incomes over Expenses or vice versa transfered to capital account in case of Non corporate concern. Also Opening & Closing stock in hand to be taken in to account.

Replies (3)

My dear friends

the income & expenses are automatically transfred to the P&L A/c in Tally software.

where as for the transfred of the Profit or loss (as per the condition) to the capital a/c you have to done the following entry

 

P&L a/c dr

To Capital a/c

(in the case of profit & reversed it back in the case of loss)

 

and as far as the closing & opening stock is consern the balance or amount of the stock can be write on the stock ledger of altering it,

My P & L in  net Loss pl. let me the closing entry  will it be

Capital A/c  ------Dr

   To Respective exp A/c  Cr.

How to adjust closing stock while closing books in tally because it is still appearing as openinig stock under current assets.

 

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