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Cost accounting system
Costing
What is meaning for closing balance in General ledger control a/c?
Answers (2)
No personal accounts are kept in the cost books but as the cost books are maintained on the principle of double entry, all transactions which arise in the financial accounts are debited or credited to General Ledger Control Account maintained for this purpose. This account makes the cost ledger self-balancing. The balance in this account at the end of the particular period represents net total of all the impersonal a/c balances which is carried forward
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