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Closing Income statement account and drawings account

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Closing Income statement account and drawings account

  • This topic has 2 replies, 2 voices, and was last updated 10 years ago by John Moffat.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • August 28, 2014 at 6:08 am #192602
    Sean
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Hello, I have a question regarding chapter 3.

    After closing income and expense accounts to the temporary income statement t-account, and once I’m done preparing the financial reports shouldn’t I finish closing the books by closing the temporary income statement t-account to capital, and also close drawings to the capital account?

    For example:

    1) Income Statement T-Account Dr. 400
    Capital Cr. 400
    To close the temporary income statement t-account

    2) Capital Dr. 100
    Drawings Cr. 100
    To close the drawings account

    Wouldn’t I do this to reflect the capital balance as shown in the balance sheet, and so that the capital account balance is correct for the next accounting period?

    August 28, 2014 at 6:19 am #192603
    Sean
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Sorry, I just answered my own question by finishing the reading of chapter 3 😀

    Thanks for resources. I am on a limited budget, and my end goal is to get the BSc in Applied Accounting, and I am hoping to finish by summer 2016!

    I’m planning to use only open tuition, along with revision questions.

    I find open tuition perfect for my goals. I can finish going through lectures and course notes (200-300 pages) on a much shorter time scale than for example a 500-600 course text from BPP. Open tuition is much more interactive, so I find I retain more!

    Thanks again!

    August 28, 2014 at 8:11 am #192607
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    I am glad that you managed to sort it out 🙂

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    Posts
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