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4.4 Closing off the ledger accounts

At the year end, the ledger accounts must be closed off in preparation for the recording of transactions in the next accounting period.

● SFP ledger accounts:

Assets /liabilities at the end of a period = Assets/ liabilities at start of the next period

Balancing the account will result in ---

a balance c/f (being the asset/liability at the end of the accounting period)

a balance b/f (being the asset/liability at the start of the next accounting period)

● I.S.ledger accounts:

- At the end of the period any amounts that relate to that period are transferred out of the income and expenditure accounts into another ledger account – I.S.

- This is done by closing the account

- Do not show a balance c/f or balance b/f, but instead put the balancing figure on the smallest side and label it “income statement”.

Example: Closing of revenue and expense account

● Capital amount is equal to---

- what was owed to the owner at the start of the previous period

- plus any capital that the owner introduced in the period

- plus any profits earned in the period

- less any drawings taken out in the period

The balance is the correct opening balance at the start of the next.

The balance on the I.S.and the balance on the drawings account are transferred to the

capital account at the end of the period.

● Opening balance in the ledger accounts

If a business has been in operation in the previous year, then at the beginning of any accounting period it will have assets and liabilities balances.

- Any opening amounts are shown in the balance sheet ledger accounts as opening balances.

- The opening balance on an asset account is a debit entry.

- Theopening balance on a liability account is a credit entry.

- Income statement ledger accounts donot have any opening balance.

Example:

Johnny had receivables of $4,500 at the start of 2005.During the year to 31 December 2005, he makes credit sales of $45,000 and receives cash of $46,500 from credit customers.

What is the balance on the receivables account at 31 December 2005?

Solution：

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