closing bal. of last year

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2010 Please tell me what are the Accounts, which last year closing balance is necessary to carry forward as on opening balance, while finalization of Balance sheet of current year

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 May 2010 There are three types of accounts

Personal Accounts :All the personal A/c are included . A person who takes debited and a person who gives credited
Real Accounts: All the real A/c as fixed assets which is real in nature are included inwhich whatever comes in debited and watever goes out credited
Nominal A/c : In the nominal A/c all the Expenses & loss IS debited and all the incomes and gains is credited

Carry forward of real & personal a/c necessary

Rahul Gupta

Rahul Gupta (Expert)
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07 May 2010 Very Well Explained by Mr. Aditya.
Infact, all the accounts balances which are presented on the Balance sheet are shown as opening balances in next year Balance sheet.

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