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Post-Closing Trial Balance
Post-Closing Trial Balance
Post-Closing Trial Balance
For the period ended July 31,2010 For the period ended July 31,2010
LIABILITIES
Accounts Payable P 50,000
Accrued Interest Expense 1,250
Total Current Liabilties P 51,250
EQUITY
Paid-up Capital P 150,000
Add: Net income, ending 11/30/08 22,418
Total Equity P 172,418
Steps:
1. Close revenue accounts to Income Summary.
2. Close expense accounts to Income Summary.
3. Close Income Summary to Capital account.
4. Close Drawing to Capital account.