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Daught of an ccountant

Accountant (ACCOUNTANT) (70 Points)

06 August 2015

Respected Sir/Friends,

Our 2014-15 Accounts got Finalised now with in a week we will be having a auditod Balance sheet for FY 2014-15 Our Current FY 2015-16 Accounting is going on,

(1) My Daught is How to take a Opening Balances of FY 2014-15 in to current year Tally.?????

(2) Only opening Balances of BalanceSheet must be carry down to FY 2015-16 or P & L opening Balances also must carry forward to 2015-16??????

Just give me Miss call i will recal u back then please calarfy my daught.

Ph No. 09986 394449,

gavishbly @ gmail.com

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2 Replies

ROSHAN PAUL JOSEPH (CA Final student) (311 Points)
Replied 06 August 2015

All you have to do is to pass the adjusting final entries.

Its always better to continue as a single company, rather to split it at the end of each year.

P&L a/c items relates for a period, and is therefore not to be carried forward to the succeding year books.

Also there are a few spelling mistake in your message : its doubt, not daught & its clarify, not calarfy

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Shruthi (Article Assistent) (336 Points)
Replied 06 August 2015

If u are continuing with same tally backup for yr 2015-16 also, thr is no need to enter opeining balances since it will be carried forward automatically once u pass entries & close accounts of 2014-15. But if you want to create new company for FY 2015-16, u hav to enter opening balance for each & every balance sheet item.