Hi All,
After closing the year end books, What are the Ledgers/Accounts will move to the next year and what are the main things we should keep in mind while transferring the balances as next year Opening balances..!! It would be very appreciable if somebody could answering my query..!!
u need to read SA - 510 "initial audit engagements"
only the balance sheet items will move to the next year
Many thanks for your quick reply..
Here How will treat the Current assets and Liabilities into Next year..? Those we will treat as Deffered Income and Deferred Exp...?
Can anyone clear this please..!!
Closing Balance will be carried forward. Expense Account and Income Account will not be having any closing balance these accounts are closed by trasfering the balance to Trading And Profit & Losss Account. So, only Asset Accounts and Liability Accounts will be having balances unless settled.
Assets and Liabilities can be easily identified.
CAclubindia
