Date Description Post ref. Debit Credit 20XX (To close revenue accounts) (To clo

Question

Date Description Post
ref. Debit Credit 20XX (To close revenue accounts) (To close expense accounts) (To close profit to capital account) (To close drawings to the capital account) Date Description Post
ref. Debit Credit 20XX June 123456789101112131415161718192021222324252627282930 (To close revenue accounts) 123456789101112131415161718192021222324252627282930 (To close expense accounts) 123456789101112131415161718192021222324252627282930 (To close profit to capital account) 123456789101112131415161718192021222324252627282930 (To close drawings to the capital account)

Explanation / Answer

1- INCOME DEBIT

   CREDIT INCOME SUMMARY

2- iNCOME SUMMARY DEBIT

CREDIT EXPENSE ACCOUNT

3-INCOME SUMMARY   DEBIT

CREDIT RETAINED EARNINGS

4-CAPITAL ACCOUNT DEBIT

CREDIT DRAWINGS

(THIS ENTRY WOULD BE PASSED ONLY IN CASE OF SOLE PROPERTIERSHIP AND PARTNESHIP BUSINESS ONLY)

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