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How to prepare post-closing trial balance (after closing trial balance)

How to prepare post-closing trial balance (after closing trial balance):


A post-closing trial balance is a trial balance which is prepared after closing all of the temporary accounts in the general ledger. The temporary accounts are as follows:

  1. Income statement accounts such as revenue, expense, gain, and loss accounts;
  2. Income summary accounts;
  3. Temporary balance sheet accounts such as the sole proprietor’s drawing account or the corporation’s dividend account.

Most trial balances will be not listed any account having zero balance, so the post-closing trial balance will list only the balance sheet accounts with balances other than zero balances. The debit and credit amount columns of post-closing trial balance will be summed and the totals should be identical. Company will use permanent accounts in the post-closing trial balance at next accounting period.

The sample of post-closing trial balance is as follows.

ABC Company

Post-Closing Trial Balance

December 31, 2017

Account Number Account Title Debit Credit
xxx Asset xxx
xxx Contra Asset xxx
xxx Equity xxx
xxx Liability xxx
xxx Contra Liability xxx
xxx Total xxx xxx

 

Note:

Total debit must equal total credit (Dr=Cr).

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