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Waku39 (Sales man)     06 December 2020

What is a Reversing Entry?

 

Reversing entries, or reversing journal entries, are journal entries made at the beginning of an accounting period to reverse or cancel out adjusting journal entries made at the end of the previous accounting period. This is the last step in the accounting cycle.

Reversing entries are made because previous year accruals and prepayments will be paid off or used during the new year and no longer need to be recorded as liabilities and assets. These entries are optional depending on whether or not there are adjusting journal entries that need to be reversed.

 

I want to learn more about reversing entries , which book should i buy ?



 5 Replies

JATINDER KUMAR

JATINDER KUMAR (Accountant)     06 December 2020

You can read Class 11 Accountancy Books for better understanding of Accounting
Waku39

Waku39 (Sales man)     06 December 2020

OK ,

I will try to do that too , even though i have gone through at least 7 books to get the best definitions so that i can easily understand accounting

JATINDER KUMAR

JATINDER KUMAR (Accountant)     06 December 2020

T.S. Grewal - Class 11 Accountancy is good Book for beginners
Waku39

Waku39 (Sales man)     06 December 2020

OK , thanks ...

I have been narrowing down my notes too , let me share a picture of my notes

 

Making some little adjustments in the notes helps me to better understand the whole accounting process .

:)

John

John (rejoji3693)     12 December 2020

T.S. Grewal - Class 11 Accountancy is good Book for beginners


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