Question

How personal accounts are closed ?​

Answer 1

Answer:

In accounting, a closed account—or closing entry—refers to the annual process of shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet in order to start the new fiscal year (FY) with a balance of zero.

Explanation:

I think this is answer

Answer 2

Answer:

annual process of shifting data from temporary accounts on the income statement to the permanent accounts on the balance sheet to begin the new financial year with a zero balance.