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Tuition > Learn Tuition > what are closing entries? Why opening entries are posted...
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what are closing entries? Why opening entries are posted differently from opening entries?

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