Question

What do you understand by balancing of account?

Answer 1

Answer:

I hope this will help you to get your solution

Answer 2

The answer is stated below:

Explanation:

• The balancing of the account means the aggregate of both the sides that is debit as well as credit of the account and then putting the difference on that side whichever is less or shorter than another.
• Under this, all the ledger accounts are mostly closed as well as balanced at the end of the accounting year or the period.

The balancing of accounts could be done or conduct in any manner given below:

• The higher amount among the credit and the side is mentioned in the grand aggregate cell on both side of the account.
• The aggregate of the credit and debit of an account is evaluated in order to ascertain which amount is higher.
• The ascertain amount is the difference among the credit and debit total, then this difference is put into the head as Balance carried down or balance c/d.