What are the March year end closing entries in tally for finalisation .. pls give checklist in general
Thank you.
3 Replies
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 17 March 2014
Dear
Following things to be considered
Depreciation/Interest Due/Receivable/TDS due & Receivable/Deffered Tax Liability or Asset/Closing Stock or W I P/Expenses Due viz., Rent,Telephone Bill, Hire chargs Bills or any Expenses pertains to March for which Bills recd in April or later. Prepaid Expenses like Insurance/ Advances if any due/receivable etc.,
Learner
(abc)
(254 Points)
Replied 18 March 2014
thanks for the reply... and what needs to be done in capital account apart from transferring the net profit....that is the lic ,mediclaim entries what should be passed in tally......
Thank you.
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 18 March 2014
Dear Suppose
If you have paid LIC/Mediclaim for the Qtr/Hfly ending June 30, i.e., 3 months in advance for the next FY, that amount can be treated as pre-paid expenses (as an asset) calculation can be made based on the yearly preimum .
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