Retained a/c balance mismatch
when I view the closing balance of Retained earning a/c for the year 2009 it is 14,78,900. But when I view the opening balance of the same account in 2010, it gives another figure 12,60,991. Why this is so. The closing balance in the previous year and the opening balance of the next year should be matched, right ?
Hi,
Retained earnings is the balances that is accumulated with the yearly profit or loss we have incurred in the business.
It is the difference in the incomes and expenses that is accumulated.
As we know incomes and expesnes will be moved to retained earnings and the next year begining balances of the incomes and expenses will be 0.
Balance sheet items will be carried forward for the next year, hence the closing balance in the prior year will be ea\qual to the begining balances in the new year.
The closing balance of retained earnings will not match with the opening balance of the next year.
For example :
On 31.03.2011 (Fisacl Year 2010) we have got the Profit/loss from the incomes and expenses is Rs100.
On 31.03.2011 And your retained earnings (accumulated ) which is on 31.03.2011in Rs.150
On 01.04.2011 The retained earnings will be Rs. 250 ( Rs.150 (Accumulated before) + 100 (Profit earned in Fiscal year 2010)).
This is because of the concept that the profits are accumulated every year.
Hope this helps,
Thanks,
Shilpa.
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