Profit entry

What type of entity is it. whether it's a company, partnership firm or sole proprietor.

Profit and loss a/c is closed by transfering profit in reserve and surplus a/c , if any of the organization not transfer such entry their opening financial (balance sheet) will not tall i.e.there will be differences in opening balance sheet always.

If you are talking for company than create reserve and surplus a/c, else transfer in capital a/c

It is a company.In such case,what is the entry to be passed?

Also what is the entry to be passed for a partnership firm?

Oh! sorry, i could not revion my double entry. yet i can tell you later at. your sum is very simple.