Question

What are the closing entries of trading account?​

Answer 1

Answer:

Closing Entries for Trading Account:

Closing entries are the journal entries necessary to close the various ledger accounts by transferring them to final accounts. Transferring them to the trading a/c closes the balances in the opening and closing stocks, purchases and sales and direct expenses.

Answer 2

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Explanation:

Closing entries are the journal entries necessary to close the various ledger accounts by transferring them to final accounts. Transferring them to the trading a/c closes the balances in the opening and closing stocks, purchases and sales and direct expenses.

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