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At the end of accounting year, an enterprise is required to prepare financials (i.e. Cash Flow Statement, Profit and loss account and Balance Sheet).Provisions are to be made for certain liabilities like sales tax, Interest on loan etc. (Those which are ascertainable today, while closing a year) but need to pay in near future (next accounting year). These accounting expenses needs to be considered while making provisions and that's why provisions are made. Provisions are made at the time closing a particular year because expenses relating to coming (next) accounting year can't be booked as expense in current books. This is why provisions are made at end of every accounting year.
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What is closing entry of asset?
closing entry of an asset means the adjustment entry we do on the last day of accounting year.
What are the double entries for closing stock at the end of a financial year?
double entry for closing inventory?
Closing Journal entries What is Year End Journal entry to book a net loss for a corporation?
Please provide me the list of closing journal entreis requried to enter in books to finalize the P&L and B&S
What is the Journal entry for closing stock?
Closing Stock (Assets, Balance Sheet) A/C Dr. ----- Trading or P/L A/C Cr. (Expenses, Trading or P/L) A/C ----- The Dr. entry of the closing stock will remain as assets in inventory and will be carried forward to next year where as Cr. entry will be deducted [opening stock+purchase-closing stock (trading)] as like expenses in Trading or P/L A/c and not will be carried forward to the next year. ============================== Stock only needs to be one account (not both Opening and Closing accounts). Post it's balance to P&L (Cost Of Sales) as "Opening Stock". Journalise the new Stock figure as a credit "Closing Stock" to P&L (Cost Of Sales) and debit the Stock account. Calculate Cost Of Sales as above.
What is the journal entry of the opening stock?
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
What is closing entry of asset?
closing entry of an asset means the adjustment entry we do on the last day of accounting year.
Why provisions for 31 st march to be made?
Data entry for expenses is done in Tally on 31st March, 2009. Then why I should do the provisions for the same expenses for year eding adjustments.
What are the double entries for closing stock at the end of a financial year?
double entry for closing inventory?
What is the closing percentage for Dow Medical entry test?
tHE CLOSING PERCENTAGE OF DMC LAST YEAR 76%
What is opening entry?
carry forwarding last year closing balances into current year financial statement.
Closing Journal entries What is Year End Journal entry to book a net loss for a corporation?
Please provide me the list of closing journal entreis requried to enter in books to finalize the P&L and B&S
What is the Journal entry for closing stock?
Closing Stock (Assets, Balance Sheet) A/C Dr. ----- Trading or P/L A/C Cr. (Expenses, Trading or P/L) A/C ----- The Dr. entry of the closing stock will remain as assets in inventory and will be carried forward to next year where as Cr. entry will be deducted [opening stock+purchase-closing stock (trading)] as like expenses in Trading or P/L A/c and not will be carried forward to the next year. ============================== Stock only needs to be one account (not both Opening and Closing accounts). Post it's balance to P&L (Cost Of Sales) as "Opening Stock". Journalise the new Stock figure as a credit "Closing Stock" to P&L (Cost Of Sales) and debit the Stock account. Calculate Cost Of Sales as above.
A company starts business on April 12007 It bought 960000 total inventory throughout the year and the closing invent was 30000. Purchases were 900000. What is the journal entry for inventory?
156000
What is the journal entry of the opening stock?
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
How do you get one year no entry?
In order for anyone to answer your question, it has to say what you want to get one year no entry IN.
Which year was closing the monasteries?
the answer is 1544
What are the Opening and Closing ranks in Amrita?
The closing rank for the year 2011 was around 6400.
