Well, today we want to talk about accounts

Well, today we want to talk about accounts

Let’s talk about temporary and permanent and closing accounts like this:
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1_ Permanent accounts
2_Temporary accounts
(This part is about commercial and service companies)

1_Permanent accounts: These accounts are permanent as their name suggests. That is, not only related to one financial period, their balance is transferred to the next financial period.
such as:
Cash, advance receipt, advance payment, necessities and 0000

2-Temporary accounts: these accounts are closed at the end of the financial period, so their balance is not transferred to the next financial period.
Finances are also closed.
Examples of temporary accounts include:
Income from sales, purchases, returns from purchases, returns from sales and discounts, returns from purchases and discounts, cash discounts from purchases and sales 00
Costs (for example, salary costs, financial costs, etc.)
Income (for example, service income and 000)

Closing accounts:

Closing accounts means zeroing the balance of some accounts

First, temporary accounts:
Any temporary account owed, such as:
The purchase of goods, returns from sales, expenses, sales discounts, etc., will be debited, and an account called Sudozian summary account is used to close these.
For example:
Purchase 800, return from sale 70, costs 500, sales discount 60

Well, let’s close:

Summary of debtors of 1430
The cost of the creditor is 500
800 creditor purchase
Return from the sale of the creditor 70
Creditor sales discount 60

For example, those accounts that have a credit balance will be debited when they are closed
For example:
Sales, income, returns, purchase discounts and 000

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Example:
Sale 800, return 70, purchase discount 60, income 80

Close:
800 debtor sale
Return from purchase debtor 70
Debtor purchase discount 60
Debtor’s income 80
1010 creditor’s summaries

We also have an account in the name of withdrawal
What is the impression?
Sometimes, the owner of the institution takes assets from the company for personal use, which is called withdrawal, and it is a debtor, so when it is closed, it becomes a creditor.

Example: take 80

Debtor capital 80
Creditor withdrawal 80

Well, when we close the account, we will sum up the interest and take the balance
If the balance is owed:

Debt capital
Summary of creditor profiteering

(We have a loss here)

If the remainder is a creditor;

Summary of debtors
Creditor capital

(we are profitable here)

Well, this is temporary
Now we have permanent accounts:

Accounts like:
Cash, accounts receivable, payable, capital and 0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

We use an account called closing balance:
For example:
800 cash, 70 accounts receivable, 100,000 in advance.
Close:
Debtor’s closing balance is 970
Creditor’s cash 800
Creditor’s receivable 70
Creditor advance payment of 100

And capital and debt: the nature of the creditor becomes a debtor at the time of closing
Capital 900, debt 70

900 debtor capital
Debtor’s debt 70
Creditor’s closing balance is 970

The closing balance of assets is equal to 970 for debt and assets

Well, part of closing the accounts is the work of the premium accounting group and channel

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This post is written by Huryyy00