Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C8 Journal Proper1 Mark
Question
What is closing entries ?
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Answer
At the end of the accounting year, out of the total accounts opened, accounts related to goods, incomes and expenses are closed by transferring them to Trading A/c or Profit and loss A/c. For this process when entries are passed, they are known as closing entries.
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