which are the final entries while closing of books and
account at the end of financial year ?
Answer / dattatraya
while colsing the books of accounts at the end of the
financial year normally following accounting entries need
to post.
1. Transfering personal accounts balance to the control
account like individual debtors accounts balance to debtors
controls accounts. In the Computer system this entry need
not to be posted because system automatically transfer
clearing accounts GL balance to control account.
2. Espenses accounts balance to the profit and Loss
accounts.
3.Income accounts (other than Sales) balance to the Profit
and Loss accounts.
4. Notional entries :
a. Depriciation charges on Assets
b. Intrest on Loan
c. Rent paid (while primises is owned by the proprietor)
d. Provision for bad and doubtful debts accounts.
e. Bad debts (when we come to know at the end of the year
some provision made for doubtful dets are finaly
irrecoverable.)
Is This Answer Correct ? | 3 Yes | 1 No |
WHAT IS CORE ACCOUNTING, GROUP CONSOLIDATION ? CONSOLIDATED ENTRY. COULD YOU GIVE ME AN EXAMPLE
Tell us what is the abbreviation for the accounting terms debit and credit?
Into which account do we close the revaluation account balance during the winding up of a company?
A business sold goods valued at R1000 excluding vat on credit to a customer. What would be the debit to the customers account if vat is 14% ?
How to Automate requirment mapping in QC?
what is debit and credit in accounting
What is the difference between cfa and csa?
BRS
2 Answers Akzonobel, BEL, Chartered Accountant,
What is the general net worth percentage banks will observe while sanctioning the Loans for Tranding, Construction and Manufacturing units.
if my company Purchases a raw material from other trading company and paid that amount by trading company owner account this case ? how to entry are reported?
which voucher is created when cash is withdrawn from bank for office use?
Define depriciation?