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sagar (Accountant)     05 January 2021

How to settle loss

how to pass entry of previous year loss in current financial year

 4 Replies

Spurto Consultancy Services

Spurto Consultancy Services (Consultant)     05 January 2021

If you are talking about Previous year P/L balance entry to be made the pass the following:

Reserve & Surplus Account/Capital Account  Dr. 

   To Profit & Loss A/c

1 Like

sagar (Accountant)     06 January 2021

Dera sir/madam
if partnership firm is having loss of 75000 in f. y 18-19 and there are three partners and want to take benifit in income tax in f. y. 2019-20 what are the entry to be done in accounting software and where to show in b/s or in p/l in current yaer

Krishna Chaudhary

Krishna Chaudhary (Accountant)     08 January 2021

In case of proprietorship loss will settle with the capital account by passing a journal entry.
in case of partnership firm loss will be distributed among partner in the ratio.
in case of company loss will be transferred to reserves.

sagar (Accountant)     08 January 2021

But sir in partnership firm i have to take benifit of previous year loss
how to pass the entry in accounting software

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