Personal and Real accounts are balanced and their closing balances are carried forward to: MCQ with Answer and Explanation

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Personal and Real accounts are balanced and their closing balances are carried forward to:

A. Profit & Loss Account

B. Trading Account

C. Manufacturing Account

D. Next accounting period via Balance Sheet

Answer: Option D

Solution (By JKSSB Mock Tests)

Real and Personal accounts reflect assets, liabilities, and equity; they are not closed but carried forward to the next period as opening balances.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Correct Answer: Option B

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