Wednesday, May 13, 2009
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Quote:
Originally Posted by Purab Sarhan
@ Raz
Raz you know what, we were wrong. Closings are done after Preparation of financial Statements. Therefore (vi) is not "d" it is "b". Revenue and Expense Accounts are forwarded into Income Statement, Net Income is brought into Statement of Owers' Equity, ending O.E comes into Balance Sheet. After that Expenses, Revenue, income summary and drawings are closed, to clean these accounts for new period. So Financial Statements are not prepared after closing trial balance (accounts).
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Dear I could not understand what did you want to say?
I think we have already marked option (b), which is correct then what is wrong?
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