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.
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.
CAclubindia
