Final Accounts

2. There are three partners having equal shares. In profit sharing ratio I am specifying 33.333 share against Each partner but Visual Catpro does not save this information with message that sum of profit sharing ratio Is not equal to 1. Is it correct to specify 33.334 ratio in third partner to make it accept the equation.?

3. I have closed the books of account. All balances are transferred in next year. However stock balances are not transferred. What should I do?

Transfer stock balances is available in others option of summary module in inventory menu. You should press F6: All A/c's before clicking transfer in others menu. If you want to transfer stock value as well you must include the C.Stock value column in summary. A setting for this purpose is also available.

Balances once transferred are not disturbed when you undo the closing. You may again close books to revise balances which have already been transferred.

6. While making final accounts I have opted for 'Even Date certificate' but to my surprise no certificate is printed at the foot of the Balance Sheet. Why so?

7. I want to use multiple Trading Accounts. For this I want to open 'Trading A/c - sugar " and 'Trading account - Ghee' which b/sheet class is to be attached with these accounts.

9. While printing b/sheet title is balance sheet as on ..... I want to print the title as 'Provisional balance sheet as on ....' . How can I do this.?

10. Ours is a Pvt. Ltd. Company. I was told by your staff that there is a button' update authorized capital' just below the 'update G.P. Rate'. Button it is not appearing.

Undo the closing in final accounts module. You may then add/edit entries. Close books again to transfer the revised closing balances to next year.

13. While Printing Balance Sheet 1st line of the C.A. stamp is printed on 1st page and the words prop./m.no. Are appearing on 2nd page. What should I do?

Your balance sheet is too large to fit on a single page. If you are showing fixed assets Details in b/sheet then show it as per schedule. You may reduce the b/s size by showing Debtors as per list, creditors as per list etc. These settings can be invoked by pressing F11 while in balance sheet module.

Auditors stamp is printed only if you have opted for even date report/compilation Certificate/ Custom Certificate. Choose one of these. It appears that you have chosen - 'No Certificate' option.

T2b (Trial to Balance sheet) is generally made available to chartered accountants or other Professionals. While registering the option t2b should be checked. As a controller you may switch on t2b menu button by configuring the setting under options-2 in main menu. The relevant question is 'closing balances module'. Short cut key is ctrl+L

16. 1/5 of telephone expenses are disallowed by us. I have passed the entry by crediting telephone Expenses and debiting the capital A/c. I want to show this disallowance in P & L A/c. In P & L The figures are to be shown like:-

There is a setting called 'Disallow Expenses Prompt' in voucher updation module. Mark 'yes' against this prompt. After this when ever you credit any amount to an account whose b/sheet class is Profit & Loss expenses, you will be prompted to tell if the Amount being credited is a disallowance. All disallowances marked in this way shall be reflected in Balance Sheet.

17. I have sold a Machine through invoicing. Amount is credited to sales A/c. So it is appearing In Trading A/c. Since this is a fixed asset I want to reduce it from machinery A/c. To do so I passed the following journal entry:

Even when capital goods are sold, it should be included in VAT return. So entry Passed through invoicing is correct. However the rectification entry passed by you is also correct. But sales should not be reduced in VAT returns. When you debit a sale account you are asked to select a sub vat class. You should choose the sub vat class ' transfer of tax element/ignore in vat returns". In this way this entry shall be ignored in VAT returns.

18. Ours is a partnership concern. The net profit as distributed in our audited balance sheet does not tally with the profit as distributed in VCatpro. Total net profit is same.

When you close the books of accounts through final accounts module, Catpro will ask you 'Do you want to modify Profit/Loss distribution'. If you click yes you will be allowed to change the distributed Profit.

19. When I make final A/c I get the error message - invalid Balance Sheet class against three accounts which have been classified as p & l appropriation A/c under Balance Sheet class. What should I do?

Balance Sheet class Profit & Loss appropriation should be used only in case of companies. There can be only one P & L appropriation A/c. You should enter its opening balance in opening balance module. Net profit / loss will be automatically transferred in this a/c. What ever entries you want to transfer to this account should be passed as journal Entries. E.g. you may debit Profit & Loss appropriation A/c with Rs. 100000 and credit prov. Fox taxation with this amount. Here provision for tax is a current liability. Closing balance of ‘P&L app.’ A/c Will be shown in b/sheet. Profit & Loss appropriation Account will be part of the Profit & Loss A/c.

Note: there should be only one Profit & Loss appropriation A/c. If you mark an organization as company in firm setup, this account will be opened automatically in master.

20. I have made Sale of Fixed Assets. If I pass the entry in Sale A/c, Sale in Trading A/c is inflated. If I pass the entry in Fixed Asset A/c it does not appear in trading a/c. What should I do?

21. I want to print trading account from 01/05/2009 to 30/06/2009. I am told to prepare this report through summary trading account module. But I find that here I can print Trading A/c of both months individually, whereas I want to print Trading A//c of these 2 months as one report. How can I do this?

If you click on monthly summary rows, you will get trading a/c of that month only. However, if you click on totals appearing at the bottom, you will get a consolidated trading a/c for the period selected by you.

22. Ours is a professional firm. We prepare Income & Expenditure account instead of P&L account. Which balance sheet class should I use for income/expenditure heads?

You may use 'P&L: Expenses' and 'P&L: Incomes' B/s class with Income & Expenditure accounts respectively. You must mark your firm as 'Professional' against 'Nature of Business' prompt in Firm Setup to make Income & Expenditure account.

You may print Monthly Trading account summary from '7. Final A/c' -> 'Trading A/c Summary'. You may also see help topic Trading A/c Summary.

24. We make invoices of Govt. License, that invoices in our Trading A/c as sale, but we do not want to show that invoices in our Trading A/c as sale. What should we do?

A/c Head	Debit	Credit
Sales A/c	10,000.00
Machinery A/c		10,000.00