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
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).