Closing entries of P&L account
Answer / deepak choudhary
p&l a/c ..Dr
To net profit a/c
(for recordind net profit )
net losses a/c ..Dr
To p&l a/c
(for recording net losses)
after these entries that profit or loss as the case may be will be tranferred to either capital account or to p&l appropriation accounts...
Is This Answer Correct ? | 0 Yes | 0 No |
What is Bank ?
what is , Purchase & Sales Return?
Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not?
treatment of reserve fund in trail balance whether debit or credit.
What is use of statistics in accounting?
what is the enty for gift given to company employee by company but purchased by director of the company
Why do we transfer all indirect exp. in P&L A/c by journal Entries in Tally.
Why you join CA Profession?
What is accounting chart of accounts?
under the modified cash basis of accounting, most revenues and expenses are recognized on the cash basis. Which one of the following items is an EXCEPTION to this accounting practice? a.Advertising b.Professional Fees. c.Supplies d.Rent
a person took Rs. 100000 for 5 years at the rate of 10%.He deposits rs. 10000 in first and second year.Third year he deposits rs 30000, forth year deposits rs 40000. Then final year how much he should deposit?
What is the difference between accounts & Finance?
1 Answers Muthoot Group, Weber,