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Module 1: Equilíbrio dia ajustes no diário geral e razão

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XSIQ
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Accounting - Closing and posting entries

Closing and posting entries

This involves closing revenue and expense items to the Profit and Loss
summary account.

It is very important to appreciate that this is a summary account. For
that reason only the total of expenses and of revenue are taken from the
general journal entries for inclusion in the ledger account. Skill in
posting from individual ledger accounts to the general journal, and on the
Profit and Loss summary account will be assessed in examination.

Accounts that are either revenue or expense are closed off at the end of
the accounting or reporting period. These items belong in the Profit and
Loss statement.

Accounts, which may be classified as assets, liabilities or
proprietorship, are balanced off and will appear in the balance sheet.

For example, a business may display the following ledger accounts:

1 Mar.
Balance
20 000

1 Mar.
Balance
4 500
31 Mar.
Cash payments
6 500

31 Mar.
Cash receipts
10 000

Balance
8 000

14 500

14 500

1 Mar.
Balance
23 500

1 Mar.
Balance
8 000
31 Mar.
Bank
7 000

31 Mar.
Credit sales
9 000

Balance
10 000

17 000

17 000

31 Mar.
Bank
4 600
1 Mar.
Balance
5 000

Balance
6 400
31 Mar.
Stock control
6 000

11 000

11 000

To this point only a sample of assets, liability and owners equity
accounts have been shown. You will notice that no balance has been shown in
the motor vehicles account as a single entry in itself represents a balance
and the account may be left alone. The full treatment of the capital
account will be shown later.

31 Mar.
Profit and Loss summary a/c
9 000
31 Mar.
Rent revenue
9 000

31 Mar.
Stock control
4 800
31 Mar.
Profit and Loss summary a/c
4 800

31 Mar.
Bank
500
31 Mar.
Profit and Loss summary a/c
500

31 Mar.
Bank
1 000
31 Mar.
Profit and Loss summary a/c
1 000

31 Mar.
Bank
400
31 Mar.
Profit and Loss summary a/c
400

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