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  • FABM1 11 Quarter 4 Week 3 Las 1

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    Janna Plete
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    This document provides an accounting lesson on preparing a post-closing trial balance. It defines a post-closing trial balance as a trial balance created after nominal accounts have been closed and real accounts have been balanced to verify the equality of debit and credit amounts remaining open in the general ledger. An example post-closing trial balance is given showing general ledger accounts from the balance sheet that remain open after closing entries. Students are then given exercises to prepare a general ledger using T-accounts and a post-closing trial balance based on the results of the general ledger.

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    This document provides an accounting lesson on preparing a post-closing trial balance. It defines a post-closing trial balance as a trial balance created after nominal accounts have been closed and real accounts have been balanced to verify the equality of debit and credit amounts remaining open in the general ledger. An example post-closing trial balance is given showing general ledger accounts from the balance sheet that remain open after closing entries. Students are then given exercises to prepare a general ledger using T-accounts and a post-closing trial balance based on the results of the general ledger.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    65 views3 pages

    FABM1 11 Quarter 4 Week 3 Las 1

    Uploaded by

    Janna Plete
    This document provides an accounting lesson on preparing a post-closing trial balance. It defines a post-closing trial balance as a trial balance created after nominal accounts have been closed and real accounts have been balanced to verify the equality of debit and credit amounts remaining open in the general ledger. An example post-closing trial balance is given showing general ledger accounts from the balance sheet that remain open after closing entries. Students are then given exercises to prepare a general ledger using T-accounts and a post-closing trial balance based on the results of the general ledger.

    Copyright:

    © All Rights Reserved
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    of 3

    Name: _____________________________ Grade & Section: _____________________ Score: __________

    School: ____________________________ Teacher: ____________________Subject: FABM1 - 11


    LAS Writer: Leah D. Barrido Content Editor: Wilfredo A. Barluado, Principal II
    Lesson Topic: Accounting Cycle Language Evaluator: Jean Carlyn B. Maceda
    Learning Target: Prepare Post-Closing Trial Balance. (ABM_FABM11-IVa-d-34). Quarter 4 Week3 LAS1
    Reference: Lopez, R. Jr., 2002, Millennial Edition. Fundamentals of Accountancy, Business and
    Management, Davao City, Philippines. RM LOPEZ, JR., Publishing. pp. 244-245

    Content
    Preparation of a Post-Closing Trial Balance

    The eight phase in the accounting process is to prepare a post-closing trial balance.

    Another trial balance is created after the nominal accounts have been closed and ruled, and the Real
    account have been balanced and ruled, to verify the equality of the debit and credit amounts of accounts that
    remain “open” in the General Ledger after closing the entry. The amounts with “open balances” in the ledger
    after closing are the Real Accounts of Balance Sheet Accounts. The nominal accounts are being closed while
    the real accounts are not. The post-closing trial balance therefor contains the list of the Balance Sheet.
    Example shown below are the General Ledgers of all accounts under the Statement of Financial Position
    (Balance Sheet) that are remained open after closing entries have been done.

    Illustration A GENERAL LEDGER

    Example of Post-closing trial balance prepared as shown below:


    Shown below are the General Journal Entry for ABZ Auto Repair Shop transactions for February 20A.
    Activity#1. General Ledger. Direction: Given on the above journalizing, prepare a general ledger using T-
    Account. Answers must be written on the blank T-Account provided below. See illustration on General Ledger
    Quarter4 Week3 LAS1. 30 points

    CASH IN BANK (1)

    Activity#2. Direction: Prepare a Post-closing trial balance based on the result of your General Ledger using
    T-Account, see example shown on Quarter4 Week3 LAS1. Record all transactions by completing the table
    provided below. 30 points.

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