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

A/c entries 20617 views 3 replies

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.

 


CCI Pro

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