Closing transfers in a nutshell
ID:CVCTN
Video Overview
At the end of a financial year, every business runs a procedure referred to as a 'year-end'. This entails the closing off of the nominal accounts in the trial balance to two final accounts. The first of the two final accounts is known as the Trading account, and it hosts the net sales, cost of sales and gross profit earner for the period. The gross profit is transferred to the Profit and loss acccount, where additional income and expense accounts are incorporated, so that the net profit or loss can be determined. This tutorial explains how and why these closing transfers are done, as well as the transfer of the net result to the Capital account.
Member Area
UNREGISTERED? - CHOOSE A PLAYLIST TICKET
Please note
Internet access is required to view this product. You will be required to stream the online videos, which means you will incur data charges. Charges fluctuate depending on the length and complexity of the video.
These subscriptions will auto renew. E-mails will be sent to you 10 days before as a warning that it's about to auto renew. If you wish to cancel a subscription, you can visit 'Member Area - My Tickets and Subscriptions', where you can exercise the option to cancel.