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    tsv's Avatar
    tsv Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 25, 2007, 08:16 PM
    Post closing trial balance
    My post trial balance does not add up.I have included:
    Bank, capital, debtors, creditors, office furniture and equipment, accum dep'n office furniture and equipment, GST payable, Accured expenses, loan - bank Prepaid Expenses, Dep'n Office Furniture exp, Stock on hand.

    Do I need to included Discount allowed and received, interest on loan, freight outwards, electricity, rent commission received.

    Any help will be appreciated:(

    Thanks Sue
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #2

    Nov 25, 2007, 09:11 PM
    Quote Originally Posted by tsv
    My post trial balance does not add up.I have included:
    Bank, capital, debtors, creditors, office furniture and equipment, accum dep'n office furniture and equipment, GST payable, Accured expenses, loan - bank Prepaid Expenses, Dep'n Office Furniture exp, Stock on hand.

    Do I need to included Discount allowed and received, interest on loan, freight outwards, electricity, rent commission received.

    Any help will be appreciated:(

    Thanks Sue
    Ok, your post-closing trial balance should include only all your assets, all your liabilities, your common stock or capital, and your retained earnings,
    Any expense account or revenue account is not included in the post- closing trial balance, remember that before preparing a post-closing trial balance you must close any revenue and expense account to the income summary account then close the income summary and dividends account to the retained earnings.
    Hope this could help you.
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