Step 3 Passing Book Closure Entries

This is the third Chapter of our Accounts and Finance Course at teachoo. 

We will learn how to pass Book Closure entries in this chapter.

 

The topics covered are

  • Passing Prepaid Expense and Prepaid Income Entries
  • Difference between Expense and Expense Payable
  • Expense and Expense Payable Entries Practice

  • Difference between Salary and Salary Payable

  • What is accrued income and its entries
  • Depreciation Entries for companies and non-companies
  • Difference between Bad debts and Provision Bad Debts
  • What is Provision for Income Tax
  • Provision for Tax Entries with Advance Tax
  • Provision for Tax Entries with TDS Receivable
  • Fixed Asset Profit and Sales Entries... like

     

    • Profit on sale of fixed assets in Normal Depreciation

       

    • Loss on sale of Fixed Assets in Normal Depreciation

    • Profit on sale of fixed assets in Accumulated Depreciation Method

    • Loss on sale of Fixed Assets in Accumulated Depreciation Method

 

 

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