Why Retained Earning Account is necessary for the set of
book creation while implementing oracle new business.
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Answer / srinibas
HI,RETAINED EARNING IS AN ACCOUNT WHICH BELONGS TO FUND
BALANCE QUALIFIER.AT THE TIME OF YEAR END CLOSING WE NEED TO
TRANSFER THE DIFFERENCE BETWEEN REVENUE AND EXPENDITURE TO
RETAINED EARNING ACCOUNT
IF I AM WRONG CORRECT ME
| Is This Answer Correct ? | 9 Yes | 0 No |
Answer / rajiv gupta
Yes , u r right Srinibas....
Becasue if we do not define this Retained Earning account
then where the difference of Earning and expenditure will
go. This account is also called as Profit and Loss account
(P&L). As the balance in this account reflect the Profit
and loss of company.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / kruthi
Retained earning account is mandatory for the SOB.Per year end closing balances like diffrences it will go to this account.
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