what are closing entries? Why opening entries are posted differently from opening entries?

Asked by Last Modified  

5 Answers

Follow 0
Answer

Please enter your answer

Vaibhtech It Solutions

Coaching

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
Comments
Dislike Bookmark

Trainer

closing entries: A journal entry made at the end of the accounting period. The closing entry is used to transfer data in the temporary accounts to the permanent balance sheet or income statement accounts.
Comments
Dislike Bookmark

account in 11th,12th,bcom,bba,ca and cs

generally closing entries are made for the preparation of final account..like trial balance, trading account, profit and loss account.
Comments
Dislike Bookmark

c,c++,vb,vb.net,php.joomal,basic,all computer subjects

he "Closing Stock a/c" gives the information relating to the value of the stock (as an asset) unsold at the end of the accounting period. • Recording The value of closing stock is not available ready hand in the books of accounts. It is specifically ascertained at the end of the accounting period...
read more
he "Closing Stock a/c" gives the information relating to the value of the stock (as an asset) unsold at the end of the accounting period. • Recording The value of closing stock is not available ready hand in the books of accounts. It is specifically ascertained at the end of the accounting period by physical verification of stock and its valuation at cost or market price whichever is lower. Thus, by recording the journal entry for Closing Stock, we are in effect bringing the value of Closing Stock into books. » Debit : Closing Stock a/c Accounts representing assets are real accounts and show a debit balance. Since by recording the journal entry for bringing the value of closing stock into books, we are creating an asset by name "Closing Stock a/c" we debit that account. [Closing Stock a/c – Real a/c – Debit what comes in.] » Credit : There are three possible variations in the account to be credited for recording the value of closing stock. Trading a/c Goods Consumed a/c Purchases a/c The ledger account to be credited is dependent on which account is used to reflect the value of cost of goods sold as well as the time of recording the entry. read less
Comments
Dislike Bookmark

Software Professional Trainer with 26+ years of Experience in Software Design and Development

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. Opening entry is the starting balance of transaction at the first day of business years (i.e 1st April of every business year) Closing entry is the balance which remains...
read more
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. Opening entry is the starting balance of transaction at the first day of business years (i.e 1st April of every business year) Closing entry is the balance which remains after the end of the transactions on 31 March of every next business year. read less
Comments
Dislike Bookmark

View 3 more Answers

Related Questions

When they heard news of the hurricane, Maya and Julian decided to change their vacation plans. Instead of traveling to the island beach resort, they booked a room at a fancy new spa in the mountains. Their plans were a bit more expensive, but they'd heard wonderful things about the spa and they were relieved to find availability on such short notice. A. Maya and Julian take beach vacations every year. B. The spa is overpriced. C. It is usually necessary to book at least six months in advance at the spa. D. Maya and Julian decided to change their vacation plans because of the hurricane.
D
Srikanth
What is the full form of CNG?
Compressed Natural Gas
Keerthi
0 0
5
Is going to coaching necessary for chemistry class 11 CBSE?
Better is that u can use different reference text book and creat own notes which are use full for your study.
Pradeep
0 0
5
What is Subtropical forest?
First undestand what does "Subtropical" actually means , It is region of earth beyong Tropic of Capricon or Cancer till the 35 degree South or North , as shown below in the figire. Now the forest found...
Anupamasuresh
The energy expended when a force of one Newton moves an object one metre in the direction in which the force is applied is called __________. (Calorie, Joule, kwh, Electron Volt)
Joule
Narendra Kumar
0 0
6

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Classification According to Performance
Following is the classification of contracts according to their formation: (a) Unilateral Contracts: A unilateral contract is a one-sided contract in which only one party has to perform his obligation....

Vidyadhan Academy Pvt. Ltd.

1 0
0
Class 8 / Maths / Chapter 8/Exercise 8.4 / Q2 (1)

Divya R.

0 0
0
For All The New Developers
Language to use: Any language that you are learning. Interface: Web or Desktop Function: Simple calculator (9 digits + symbol) with 1 Memory storage with possible function of + - * / Error Handling...
R

Rajat Taheem

0 0
0
Brainmapping is the shortcut to longer subject recall.
Read through the subject matter and highlight the essential core areas covered. Select one core area at a time and dig into the finer details and subtopics,creating a brain map sequence. Write down...

Adeeba Riaz

0 0
0
Importance of Listening skill in Personality Development by Dr. Bharat Chaugule,Ph.D
Importance of Listening Skills in Personality Development Listening skill is an exceptional skill and available with very few peoples. Many people are great presenters, but very few are good listeners....

Dr. Bharat Chaugule

2 0
0

Recommended Articles

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

6 Exam Hall Tips To Follow, For Every Good Student

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

Top Benefits of e-Learning

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

Find Tution near you
Tution in Delhi
Tution in Bangalore
Tution in Hyderabad
Tution in Kolkata
Tution in Chennai
Tution in Mumbai
Tution in Lucknow
Tution in Pune
Tution in Noida
Tution in Jaipur
Online Tuition Classes

Looking for Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you