Year Closing
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Year cannot be closed: Debit Rs 14,635,000 and Credit Rs 26,798,052 differ by Rs 12,163,052. Find and correct the wrong entry first — no balancing entry will be made.
Closed financial years
| Year code | Period | Closed on | Net profit / loss | |
|---|---|---|---|---|
| FY2024-25 | 01 Jul 2024 – 30 Jun 2025 | 05 Jul 2025 | Rs 14,850,000 Profit | |
| FY2025-26 | 01 Jul 2025 – 30 Jun 2026 | 06 Jul 2026 | Rs 18,420,000 Profit |
- 1Check all entries
- 2Income & Expenses to zero
- 3Profit to Owner Capital
- 4Carry forward balances
- 5Lock year
Year Closing Statement
Period: 01 Jul 2026 – 30 Jun 2027
Total Income
Rs 31,071,756
Total Expenses
Rs 22,723,704
Net Profit
Rs 8,348,052
goes to Owner Capital
Opening Dr = Cr
Not balanced
Rs 14,635,000
Step 1 · Income & Expense accounts become zero
| Code | Account | Type | Year-end balance | After closing |
|---|---|---|---|---|
| 45-005 | HAQ NAWAZ & SHAHID W/SHOP | Income | Rs 120,000 Cr | Rs 0 |
| 45-004 | COMMITTEE SHAHID FOR EID | Income | Rs 143,000 Cr | Rs 0 |
| 45-003 | SALES TAX INCOME & EXPENSES | Income | Rs 33,836 Cr | Rs 0 |
| 45-002 | MISCELLANEOUS INCOME | Income | Rs 257,448 Cr | Rs 0 |
| 45-001 | NPF ACCOUNT | Income | Rs 5,717,472 Cr | Rs 0 |
| 42-022 | CREDIT CARD BANK ALFALAH USMAN | Expenses | Rs 546,130 Dr | Rs 0 |
| 42-021 | CREDIT CARD FAYSAL BANK | Expenses | Rs 683,280 Dr | Rs 0 |
| 42-020 | BILLS MOBILE PHONES | Expenses | Rs 111,100 Dr | Rs 0 |
| 42-019 | BILL TELEPHONES PTCL | Expenses | Rs 737,129 Dr | Rs 0 |
| 42-018 | BILLS SUI GAS SNGPL | Expenses | Rs 1,046,065 Dr | Rs 0 |
| 11-001 | SALES — REBAR | Income | Rs 24,800,000 Cr | Rs 0 |
| 12-001 | PURCHASES — REBAR | Expenses | Rs 19,600,000 Dr | Rs 0 |
Net Profit transferred to Owner Capital (30-001)Rs 8,348,052 Cr
Step 2 · Opening balances for period starting 01 Jul 2027
| Code | Account | Type | Opening Dr | Opening Cr |
|---|---|---|---|---|
| 38-001 | PETTY CASH — YARD | Assets | Rs 45,000 | |
| 32-001 | AL-REHMAN BUILDERS | Assets | Rs 1,250,000 | |
| 15-001 | CASH IN HAND | Assets | Rs 2,340,000 | |
| 15-002 | MEEZAN BANK — 0123 | Assets | Rs 8,900,000 | |
| 22-001 | SHEHZORE LOADER LES-4521 | Assets | Rs 2,100,000 | |
| 25-001 | ITTEFAQ STEEL MILLS (SUPPLIER) | Liabilities | Rs 3,450,000 | |
| 30-001 | OWNER CAPITAL — HASSAN | Equity | Rs 23,348,052 |
TotalRs 14,635,000Rs 26,798,052
Prepared by (Accountant)
Checked by
Approved by (Owner)