Profit transfer to proprietor's capital a/c

The Profit / Loss during the Financial Year should be transferred to the Capital A/c of the Propreitor on the Last day of the Financial Year (ie. on 31/03/2011). 

Following Entry to be passed:-

In case of Profit 

Profit & Loss A/c       Dr.            XX

    To Proprietor's Capital A/c          XX

(being Profit Transferred)

In case of Loss

Proprietor's Capital A/c      Dr.      XX

    To Profit & Loss A/c                         XX

(Being Loss transferred to Capital A/c)

Regards,

Devendra Kulkani