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Abi Accounting 2017 > Closing Transfers > Flashcards

Flashcards in Closing Transfers Deck (18):
1

How many steps are involved in Closing Transfers?

8

2

What is the first step in closing transfers?

Transfer the Debtors Allowances to Sales

3

What is the second step of Closing Transfers?

Transfer Cost of Sales to the Trading account

4

What is the third step of Closing Transfers?

Transfer Sales to the Trading account

5

What is the fourth step of Closing Transfers?

Determine the Gross Profit (close off the Trading Account to Profit and Loss)

6

What is the fifth step of Closing Transfers?

Transfer all income accounts to the Profit and Loss account

7

What is the sixth step of Closing Transfers?

Transfer all expenses to the Profit and Loss account

8

What is the seventh step of Closing Transfers?

Determine the Net Profit (close off Profit and Loss to Capital)

9

What is the eighth step of Closing Transfers?

Close of Drawings to Capital

10

Name the debits and credits of:
Step 1 in Closing Transfers

Cr Debtors Allowances
Dr Sales

11

Name the debits and credits of:
Step 2 of Closing Transfers

Cr Cost of Sales
Dr Trading

12

Name the debits and credits of:
Step 3 of Closing Transfers

Cr Trading
Dr Sales

13

Name the debits and credits of:
Step 4 of Closing Transfers

Cr Profit and Loss
Dr Trading

14

Name the debits and credits of:
Step 5 of Closing Transfers

Dr all other incomes (list them)
Credit Profit and Loss

15

Name the debits and credits of:
Step 6 of Closing Transfers

Dr Profit and Loss
Cr all expense accounts (list them)

16

Name the debits and credits of:
Step 7 of Closing Transfers (if income total is greater than expenses total)

Cr Capital
Dr Profit and Loss

17

Name the debits and credits of:
Step 7 of Closing Transfers (is expense total is greater than income total)

Cr Profit and Loss
Dr Capital

18

Name the debits and credits of:
Step 8 of Closing Transfers

Cr Drawings
Dr Capital