opening balance

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Ajay Prajapati

512 Points Joined April 2017

last financial year 16-17 closing balance ... only assest and liablities goes to next financial year's 17-18 opening balance .... is finacial year 16-17 net profit or net loss amount goes forward to our next financial year 17-18 opening balance... if yes to how we adjust this amount to our opening balance pls explain ?

Replies (1)

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Previous FY cl.bal is Next FY op.bal you know. The net profit ll be add to Proprietor's Current Account or Capital Account. If loss also ll be opposite. So, Simple.
Are you understand...?!