banner_ad

Profit entry

Accounting Entries 947 views 5 replies

I have heard from my colleagues that after an audit report is prepared & accounts are finalized,an entry for profit is passed.Can someone ls tell me what is the entry for the same?Also,what if no such entry has been passed for 2 years?

Replies (5)

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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details