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Closing debtor journal

Closing debtor journal

Hi

just a quick easy one, what is the other side of the journal for debtor as at the year end. Debit trade debtors, Credit....?

Thanks!

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04th Jan 2013 08:53

Try sales and VAT

If you are introducing debtors as you have produced the working papers from bank statements then the other side is sales and if VAT registered the VAT account.

This assumes that the sale is not the sale of a fixed asset or other "non-sales" item.

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04th Jan 2013 09:08

Opening / Sales

Sorry just read your question again and I am now not sure understood your question correctly.

Say we are talking about accounts for the year ended 31 Dec-12.  Are you asking about the entry into the 31 Dec-12 accounts or the entry as at 01 Jan-13.

 

If we are talking about 31 Dec-12 then sales and VAT and if we are talking as at 01 Jan-13 then opening reserves and VAT.

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