Closing Transfers (Grade 10 NSC Matric Accounting): Quizzes

Income statement and balance sheet

Income, expenses, trading, profit & loss

Close temporary accounts to zero for new yr

Transfer debtors' allowances to sales

Calculate gross profit

$\text{Net sales} - \text{Cost of sales}$

$\text{Gross profit} + \text{Other income} - \text{Expenses}$

Drawings are personal; expenses operational

$\text{Opening capital} + \text{Net profit} - \text{Drawings}$

Only permanent accounts