Accountancy

Closing entries

Periodically, usually at the end of the accounting period, all balance of income and expense account is transferred to an account called Income Summary or Profit and Loss account and is then said to be closed. (In a subsequent lesson, a detailed discussion on the profit and loss account may Read more…

By Anagha Sanil, ago
Accountancy

The ledger

 A ledger is a set of accounts Here the classification of entries in journal happens.. It contains all the accounts of a specific business enterprise. It may be kept in any of the following two forms: Bound Ledger and Loose Leaf Ledger A bound ledger is kept in the form Read more…

By Anagha Sanil, ago