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closing offthe process of listing all the balances in the LEDGERS and CASH ACCOUNT of a firm after the TRIAL BALANCE. PROFIT AND LOSS ACCOUNT and BALANCE SHEET have been completed. It ensures that all the balances have been carried forward to the next accounting period before any more transactions are recorded or posted. See ACCOUNTING.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson