India Accounting equation adjustment entries or Journal entries ?


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Joined
Jan 19, 2019
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@codystudent ,

At the end of the year after preparing trial balance a list of unrecorded items is prepared which is called list of adjustment for which adjustment entries are passed. Now closing entries will be passed. The purpose of closing entries is to close all those accounts which comes in trading and profit & Loss and these accounts are mainly related to expenses , incomes and goods.
Thanks a lot
 

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