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Need for Analysis of Financial Information

Closing entri...

Question

Closing entries are passed in __________.

A

General journal

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B

Directly in balance sheet

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C

Directly in profit and loss A/c

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D

Any of the above three

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Solution

The correct option is B General journal
All adjustment entries are passed through general journal.
Therefore, at the end of the financial period all closing entries are passed in general journal.

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