Business Accounting

EMBA LECTURE 4
Lecture Plan

 Closing of books of account

Learning Areas  Financial Statements

 Closing processes and accounting cycle

Detailed  Balances closed to P&L

Discussion  Balances carried forward

 Balance Sheet, and Profit and Loss

Chapter 4
Recap

 Journal entries ~ Debit and Credit Effects

 Account and Ledger Double Entry

 Balancing Account and Normal Account Balances

 Trail Balance
Contd. Record and summarize following
transaction for the month of June 2021.
Jun 2 – Purchase for reselling 70,000 Jun 30 – Salaries paid 20,000

Jun 3 – Received balance amount from Account Jun 30 – Paid electricity paid 5,000
Receivable Jun 30 – Paid telephone bill 2,000
June 8 – Purchase for reselling 100,000
Jun 10 – Salaries paid 20,000
Jun 18 – Advertisement 2,000
Jun 20 – Sales on credit 470,000
Assignment