At the end of accounting year 31st March is there any transaction recorded during the last date of March 31st
Dear Student,
The books of accounts are prepared for the financial year starting from April 01 until March 31. So, all the transactions that take place during this period will be recorded in that year's books of accounts. More specifically, all the closing entries are recorded on the last date of accounting year only.
The books of accounts are prepared for the financial year starting from April 01 until March 31. So, all the transactions that take place during this period will be recorded in that year's books of accounts. More specifically, all the closing entries are recorded on the last date of accounting year only.