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My Manager asked me to prepare a "Post-Closing Trial Balance". Can you share with me your definition for it?

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تم إضافة السؤال من قبل Siham Amer , Financial Analyst , Noor Al Hikmah Group
تاريخ النشر: 2018/09/12
Adeel Akhtar
من قبل Adeel Akhtar , Accounting/Finance Manager , Popular Homes

Post closing trial balance is the entire list of accounts and their balances after the closing entries have been journalized and posted to the ledgers. You can also say, The post closing trial balance is a list of accounts or permanent accounts that still have balances after closing entries have been made.

Muhammad Hashim Khan
من قبل Muhammad Hashim Khan , Finance Manager & Company Secretary , DHA Cogen Limited

In simple words, to record and post all the closing/ adjusting entries in the ledgers.

Ahmed Mohamed
من قبل Ahmed Mohamed , Chief Accountant , AL BADER GROUP OF COMPANIES”AND AL EZZ REAL STATE” IN QATAR

the last step of accounting cycle and is prepared after making and posting all necessary closing entries to relevant ledger accounts. Since closing entries close all temporary ledger accounts, the post-closing trial balance consists of only permanent ledger accounts

Soliman Abd  ALmalak Gendy
من قبل Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

A post-closing trail balance :is the last step in the accounting cycle to prepare a post-closing trail balance,It’sprepared after closing all entries

Ashraf E. Mahmoud (PhD)
من قبل Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

Most of the text books are define "Post Closing Trial Balance" as follow:

A post-closing trial balance is in fact, a list of balances of ledger accounts prepared after closing all accounting entries, passed and posted same to the ledger.

Since the closing entries transfer the balances of temporary accounts (i.e. expenses, revenue, gain, dividend and withdrawal accounts) to the retained earnings account, the new balances of all temporary accounts have to be (zero) and are not to be listed on a post-closing trial balance. whereas, all the other accounts which having non-negative balances are to be listed including the retained earnings account.

Taking into consideration that, the preparation of post-closing trial balance is the last step of the accounting cycle and its purpose is to be sure that sum of debits equal the sum of credits before the start of new accounting period, as same is providing the openings balances for the ledger accounts of the new accounting period.

 

malik mussa hachem jubara jubara
من قبل malik mussa hachem jubara jubara , Data Analyst , Hiba international organization

post-closing trial balance definition. A listing of all of the accounts in the general ledger with account balances after the closing entries have been posted. This means that the listing would consist of only the balance sheet accounts with balances.

Abd ElHalim Hamad  Romih
من قبل Abd ElHalim Hamad Romih , Senior Accountant , Tamkeen skills Training Company

Cash + Accounts Receivable. +prepaid Rent. +inventory +leasehold improvements. = Accumulated Depreciation. Accounts Payable. Accrued Expenses. Unearned Income. Long term liabilities. Common stock. Retained Earnings. ...................................... Total ()

Safwan Nassir
من قبل Safwan Nassir , Assistant Auditor , ACE ASSOCIATES - ACCA GOLD EMPLOYER

Well, in my opinion,

 

A post closing trial balance is the one that is prepared after adjusting entries have been passed. It consists of the real accounts only (eg- cash, accounts receivables and payables etc) because when you reach the stage of post closing TB, it means all the nominal accounts such as revenue, expenses, salaries and wages etc..have all been closed.

Mohammad Ayman Bakkar
من قبل Mohammad Ayman Bakkar , Accounts Payabble , Enova (formerly MAF Dalkia)

Hi Siham, The post closing trial balance is a list of all accounts and their balances after the closing entries you have posted to the ledger. Or in other words, the post closing trial balance is a list of accounts that still have balances after the closing entries you made

Omar Qureshi
من قبل Omar Qureshi , Project Manager , United Contractors Inc

Its when all the books have been balanced and there are still outstanding balances.

Mohammed Adel Mohammed Alareqi
من قبل Mohammed Adel Mohammed Alareqi , Warehouse Storekeeper , World Food Programme

Post-Closing Trial Balance is done when you close all transaction entire in trial balance.

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