For Consolidation Difference in Opening and Closing Balance of P & L A/c is assumed as the profit for the year whereas in Practice Manaul Q9 page 5.55 they have taken the aggregate of Closing and Opening Balance as profit earned for the year. Can somebody solve this problem.Thank you in advance
4 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 27 April 2012
What difference do you find between Profit for the Year & Profit earned for teh eyar??
Megha
(TAX)
(53 Points)
Replied 27 April 2012
I meant profit of the year= Closing Balance-Opening Balance but in that sum they have taken profit=Opening Balance+Closing Balance
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 27 April 2012
Is there a loss in the opening balance?
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