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What is the closing entry?
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Answer / rajan singh
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.
| Is This Answer Correct ? | 28 Yes | 0 No |
Answer / sumitra
at the end of accounting period we pass closing entries in journal proper..such as transferring gross profit to p/l account etc
| Is This Answer Correct ? | 5 Yes | 2 No |
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