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Post Info TOPIC: Closing Balance JRN for Year End
yellowsenska


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Closing Balance JRN for Year End
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Hi there,

 

I've received a closing balances for year end. Since I have not done this before I'm bit confuse how to enter them.

 

For example I've got :

 

Office Depreciation CR £5,895.67

Motor Vehicles CR £541.60

 

I'd appreciate any help.

 

Many Thanks

 

 

 

 



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West Wales Accounting


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Assuming your balances above are the charge for the year then your journal would be;

P/L Depreciation Expense DR £6437.27

B/S Office Accumulated Depreciation CR £5,895.67

B/S Motor Vehicles Accumulated Depreciation CR £541.60

The cost of each asset account will be on the balance sheet. When the above accumulated depreciation is taken off it will give you the net book value.





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Accountants & Bookkeepers in West Wales

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adamMag


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Closing balance of one year is an opening balance of next year. While closing P&L account everything goes to the result of the year. BS accounts closing amounts have to be added to next year opening balance.



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yellowsenska


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Thank you very much for your help !



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Cheshire


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Were these two the only adjustments?



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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