Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C8 Journal Proper1 Mark
Question
Explain the meaning of closing entries.
✓
Answer
At the end of the accounting year, accounts of incomes, accounts of expenses, accounts of goods. etc. are closed and transferred to trading account or profit and loss account. These entries for closing various accounts are known as Closing entries. All the types of closing entries are recorded in the journal proper.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.