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    123789sant's Avatar
    123789sant Posts: 2, Reputation: 1
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    #1

    Mar 18, 2013, 10:15 PM
    Where can closing entries be found accounting
    My company (US based) wants us to follow the below procedure for passing the closing entries, please let us know whether is it allowed under Indian income tax... if any apprehensions please let us know...

    1) Closing entries to be passed as on 31st March 2013
    2) The same entries has to be reversed on 01st of April 2013
    3)Again same entries has to be re passed as on 02nd of April 2013.

    Request you to reply me at an earliest...
    You can call me or e mail me at below address

    [email protected]
    9886371961
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 19, 2013, 01:04 AM
    Not understanding indian law but usually closing entries are not posted twice.

    The purpose of closing entries are to make adjustments to the ledger balances for such items as depreciation, accruals and prepayments, provisions and so forth.

    Some of these will be reversed, some might not require reversal as in depreciation and provisions
    123789sant's Avatar
    123789sant Posts: 2, Reputation: 1
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    #3

    Mar 19, 2013, 01:47 AM
    Quote Originally Posted by paraclete View Post
    Not understanding indian law but usually closing entries are not posted twice.

    The purpose of closing entries are to make adjustments to the ledger balances for such items as depreciation, accruals and prepayments, provisions and so forth.

    Some of these will be reversed, some might not require reversal as in depreciation and provisions
    Thank You for your reply.
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