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7th TT: End of Period Retained Earnings & Equity Acc., Jan Y1 (O9 C)

Accounting is carried out by periods. It means that after all activities have been completed for a given period a new cycle starts again and new accounting events are recorded for the new period. This process continues as long as the company trades.

Balance sheet items, namely, current assets, fixed assets, current liabilities, long term liabilities and equity roll on from each period to the next. The end of period balances of all accounts are the beginning balances of the next period. Accountants call the process as ending balances being 

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