Close all accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2013 i need a favor like how to close all accounts and which accounts mainly affected and what to do for if company gets profit or loss then what to do for that can you guide me further

@VaibhavJ

@VaibhavJ (Expert)
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21 October 2013 Hi

What is status of your firm?

Which type of A/c you are referring?

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2013 its trust or company

mercantile base account maintained by us

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@VaibhavJ

@VaibhavJ (Expert)
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21 October 2013 Hi

I am not getting you.

Which A/c you want to close & where.

Pl give one example.

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2013 profit and loss ac

debtors ac

creditors ac

deprecation ac

@VaibhavJ

@VaibhavJ (Expert)
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21 October 2013 Ohk .. got that!

Which software you are using?

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2013 tally erp 9

@VaibhavJ

@VaibhavJ (Expert)
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21 October 2013 Hi

Income & Expenses are automatically transferred to the P&L A/c in Tally software. Where as for the transferred of the Profit or loss (as per the condition) to the capital a/c you have to pass the following entry ..

P&L a/c Dr
To Capital a/c
(in the case of profit & reversed it back in the case of loss).

Thanks

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