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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4474
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I have 4 Q.S.S.S.'s, one of which has closed. I am

Customer Question

I have 4 Q.S.S.S.'s, one of which has closed. I am posting GJ entries to close all accounts. Is it necessary to close out the due to/from account with the parent? If so, I assume it would have to go to R/E?
Submitted: 6 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 6 months ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.Yes, GJ entries would be required and you are correct that they will have to go to Retained Earnings Account. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards,