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What is balance?

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What is balance?

Posted by Harsh Shukla 6 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 6 years, 3 months ago

An account balance is the difference between the debits and credits posted to the account during the current accounting period plus the beginning balance. Not all accounts maintain balances from one accounting period to the next. Temporary accounts are closed at the end of each accounting cycle to permanent accounts, which carry the balances on to the next accounting period.

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