@@FilipinoAccountingTutorial It closed the big design question I was solving for a long time. Other clips are either quick demo, or short in details, or short in literal account+amount flow. Your clip was a BIG HELP indeed. Thank you very much. :)
Thank you too, Val ❤️ We're happy this video helped you 🙂 Our videos are intended for beginners. We want our CPA hopefuls develop the mastery of basic concepts of accounting 🙂 Mag aral nang mabuti, future CPA/future businessman/businesswoman 🙂❤️
Thank you for sharing your knowledge andami ko pong natutunan sa mga videos niyo...nakatulong po iyon sa pag intindi ko Ng mga assessment na bininigay ng teacher namin.
You're welcome Alexander! 💛 mag aral ng mabuti. We hope na nakakatulong kami sa iyong accounting studies. Yes, marami pa kami iaupload na accounting videos dito.
Hello po Sir. Thank you for the accounting tutorial na ginagawa nio po. It helps a lot. Sir, pede po bang gumawa rin po kayo kung paano mag close journal entries pag NET LOSS....PLS PO....
Hi! At the end of this video it is said that if the Income of Summary is credited there is profit while if the Income Summary is debited there's loss. But according to Financial Accounting & Reporting of Millan in Chapter 9, p.g. 296. it is stated that if the Income Summary is debited there's profit and if the Income Summary is credited there is loss, which is true po?
Hello Dulcét. Both are true. Depending on the steps we are referring. Basically, here are the steps in closing entries: Step 1. Close Income Step 2. Close Expense Step 3. Close Income Summary to Capital Step 4. Close Withdrawal After performing steps 1 and 2 but before performing step 3, if the income summary is credit, there is profit. If debit, then loss. On step 3, if income summary is "debited" and credit capital, there is profit. Profit increases capital. If income summary is "credited" then capital is debited, there is loss. Loss decreases capital. Hope it helps 🙂
Hi po! Our teacher in Fundamentals of Accounting taught us these po. (1) If Profit/Loss Summary or Income & Expense Summary account is Credited, there is profit. While, (2) If Profit/Loss Summary or Income & Expense Summary account is Debited there is loss.
ang taxes po na binabayadan every month po ba ay expense? at yung mga binili ko na mga goods na paninda ko expense din po ba yun? naguguluhan po kasi ako kung temporay accounts ba sila? salamat po..
Hello Melalame! If ang figure na pang "balance" ng compound is nasa debit, then debit income summary If nasa credit, then credit income summary. Or. If net loss ang income statement, then debit income summary. If net income, then credit. Hope it helps.
Hello po Sir! Sir paano po kung ang expense account ay nasa credit side? Debit Income Summary and credit Expense account po ba or Debit Expense Account and credit Income summary?
Hello sunshine. Unusual ang expense na nasa credit side sa basic accounting. Possible na may mali sa recording. But if may case na expense ay nasa credit side, to close yung expense na nasa credit side the entry must be: Debit expense Credit income summary Hope it helps.
Hello Camilla! Yes, revenue normal balance ay credit. Therefore, sa closing entries naka debit ang revenue. Expense normal balance ay debit. Therefore, sa closing entries naka credit ang expense. Hope it helps.
Hello Darlyn. If walang adjusting entry sa revenue, then ung revenue na nasa unadjusted will be the adjusted balance ng revenue. Tapos follow mo lang steps ng closing entries. Hope it helps.
Income statement - component ng financial statements na kung saan makikita natin ang profit or loss ng business. Ginagawa natin mga accountant ang income statement to report the financial performance (i.e., kung kumita or nalugi ang business). Income summary - ito ay account title, like service revenue, salary expense, etc. Dito sa account na ito makikita ang amount ng profit or loss ng business. Income statement is a report/component of financial statements. While Income summary is an account title. Hope it helps, me 🫶
sir, what if yung amount po sa consulting revenue nasa debit side po? (referring sa t-account), magiging ganto po ba siya: Dr. Income Summary 67k Cr. Consulting Revenue 67k Same question po sa expense. Enlighten me po 😭😭😭
Yes, synx 🙂 you are correct. Ganyan ang closing entry if nasa debit side ang revenues. However, very rare na debit side ang revenue. Pag revenue, lagi yan credit side 🙂 Hope it helps, synx ♥️
@@FilipinoAccountingTutorial good aftie po, sir! ano po yung gagawin kapag may remaining balance po from previous accounting period (2020), tas mag jojournalize ka na po ng mga transactions occured po sa new accounting period (2021)? ano po mangyayari don sa mga remaining balances from previous acc period?
hi sir goodevening,question sir, in closing the Income summary account, what do i do if there are two capitals? am i gonna divide the income summary into 2? it looks like this sir - income summary gray Capital mateo capital
NETO meaning "net". Kpag accounting ang pinag uusapan natin, "Net" means my amount na ibinawas. Example Net Income. Net income is Income "ibinawas" ang expense. Hope it helps, anna 🙂
I am karun from india i appreciate you the way you explain thanks for giving good conceptual explaination
The best closing entry explanation of all. Author is so considerate for those beginners like us. Thank you.
You're welcome, Val 🙂 Hope this video will help you ❤️
@@FilipinoAccountingTutorial It closed the big design question I was solving for a long time. Other clips are either quick demo, or short in details, or short in literal account+amount flow. Your clip was a BIG HELP indeed. Thank you very much. :)
Thank you too, Val ❤️ We're happy this video helped you 🙂 Our videos are intended for beginners. We want our CPA hopefuls develop the mastery of basic concepts of accounting 🙂 Mag aral nang mabuti, future CPA/future businessman/businesswoman 🙂❤️
Nakakaiyak kapag hindi maayos magturo yung prof. Ang ending, sariling turo talaga huhu. Thanks for this video! Well-appreciated
You're welcome, france 🙂 Hope this video will help you. Mag aral nang mabuti ♥️
Thank you, sir! Sana kayo na lang prof ko this online class ughhhh :
You're welcome K! Mag aral ng mabuti and palagi makinig sa prof mo 💛
Thank you sir, kayo po talaga ang takbuhan ko kapag di ko nagegets ang teacher ko sa Accounting :>
You're welcome, Kageyama. Sana makatulong ang video na ito. Mag aral nang mabuti 🙂
Thank you for sharing your knowledge andami ko pong natutunan sa mga videos niyo...nakatulong po iyon sa pag intindi ko Ng mga assessment na bininigay ng teacher namin.
You're welcome Jiel. Masaya kami makatulong. Mag aral nang mabuti. Marami pa dito accounting videos. Sana makatulong din when you are in need of it 💛
thank you so much!! lagi ko po pinapanood videos niyo 🥰 sobrang laking tulong
You're welcome, dont 🙂 and thank you sa palaging panonood sa mga video lessons ❤️ Masaya ako makatulong, mag aral nang mabuti 🫶
thank you sir! ang hirap pag module walang discussion kaya sayo ako natakbo pag diko magets ng lesson🙏 continue lang sir and god bless
You're welcome Alexander! 💛 mag aral ng mabuti. We hope na nakakatulong kami sa iyong accounting studies. Yes, marami pa kami iaupload na accounting videos dito.
Hello sir sobrang laking tulong po ng tutorial nyo huhuhu
Thank you, Kerby 🙂 masaya kami makatulong ❤️
Plz keep posting the videos as many as possible they are so helpful to me
Automatic like subscribe pag ganto thankyouuu sir sa pagturo malaking tulong po🙏
You're welcome Eduard. And thanks for the sub and like. Malaking tulong yan sa channel namin. Mag aral nang mabuti ❤️
Thank you po talaga sir ❤️
You're welcome, kyle 🙂
Thank you so much for this vid!!!🖤
You're welcome, Chris. Mag aral nang mabuti ❤️
Hello po Sir. Thank you for the accounting tutorial na ginagawa nio po. It helps a lot. Sir, pede po bang gumawa rin po kayo kung paano mag close journal entries pag NET LOSS....PLS PO....
Thank you so much po sana po di po kayo tumigil😊😊😊😊
You're welcome Chloe. Hopefully marami pa tayo mareach na aspiring CPAs para hindi kami agad hihinto sa pag gawa ng ganitong content ❤️
Thank you po. Ikaw po tumutulong sa akin pag di nagtuturo prof ko HAHAHAHHAHA
You're welcome Marie. Mag aral ng mabuti.
Thank you po 😊
You're welcome, Bhikolanass 🙂
income summary ending balance
if debit = loss
if credit = profit
Thank you, sir!
You're welcome Kiddie💛
Hi sir, have a good day po...sir please do a tutorial of my request...tnx, have a fun and stay safe po
Thank you po huhu! Sana masarap po ulam niyo hehe.
You're welcome Alexandra 💛
Salamat pooooo.❤
thank you po
Welcome Jemma ☺️
sir thank you po!!! sir ask ko lang po kung ang sales ret at sales discount kasama sa income account sa merchandise business?
You're welcome Jc. Yes kasama yung 2 sa income account. Contra-income ang 2 account.
@@FilipinoAccountingTutorial thank you po sir!!!
Hi! At the end of this video it is said that if the Income of Summary is credited there is profit while if the Income Summary is debited there's loss. But according to
Financial Accounting & Reporting of Millan in Chapter 9, p.g. 296. it is stated that if the Income Summary is debited there's profit and if the Income Summary is credited there is loss, which is true po?
Hello Dulcét. Both are true. Depending on the steps we are referring.
Basically, here are the steps in closing entries:
Step 1. Close Income
Step 2. Close Expense
Step 3. Close Income Summary to Capital
Step 4. Close Withdrawal
After performing steps 1 and 2 but before performing step 3, if the income summary is credit, there is profit. If debit, then loss.
On step 3, if income summary is "debited" and credit capital, there is profit. Profit increases capital.
If income summary is "credited" then capital is debited, there is loss. Loss decreases capital.
Hope it helps 🙂
Hi po! Our teacher in Fundamentals of Accounting taught us these po. (1) If Profit/Loss Summary or Income & Expense Summary account is Credited, there is profit. While, (2) If Profit/Loss Summary or Income & Expense Summary account is Debited there is loss.
Hi po, ano pong ginagamit na trial balance kapag mag coclosing po? Unadjusted trial balance po ba o yung adjusted trial balance?
Paano po yung mga accrued expense na nasa credit? Same rin po ba gagawin katulad sa income? Sana po masagot.
Hello po, possible po na walang withdraw sa pag gawa ng income? And paano po kapag sales lng ang meron sa income na part ng revenues
Ano pagkaiba ng income statement sa close income & expense account?
ang taxes po na binabayadan every month po ba ay expense? at yung mga binili ko na mga goods na paninda ko expense din po ba yun? naguguluhan po kasi ako kung temporay accounts ba sila? salamat po..
Kapag po icclose ang income summary na may debit balance, debit po ba ang Owner's capital, and credit ang income summary?
Yes, youtube musi 🙂
Pano po ipag offset? Pano nakuha yung INC SUMMARY 35K?
Hi sir, ask ko lang po if paano po malalaman if debit/credit ang
income summary dun sa compound-entry basis??? thank you po
Hello Melalame! If ang figure na pang "balance" ng compound is nasa debit, then debit income summary
If nasa credit, then credit income summary.
Or. If net loss ang income statement, then debit income summary.
If net income, then credit.
Hope it helps.
@@FilipinoAccountingTutorial TYSM PO
Yung income summary dapat po ba same siya sa net profit?
hello po. Paano po yung part ng withdrawal sa closing entries?
Good morning, Sir! Pareho lang po ang closing entry at reversing entry?
Magkaiba ang closing and reversing entry, divya 🙂 please watch my video lessons para sa pagkakaiba nung dalawa. Hope it helps ♥️
ano pong date ang ilalagay sa closing entries??
Hello po Sir! Sir paano po kung ang expense account ay nasa credit side? Debit Income Summary and credit Expense account po ba or Debit Expense Account and credit Income summary?
Hello sunshine. Unusual ang expense na nasa credit side sa basic accounting. Possible na may mali sa recording.
But if may case na expense ay nasa credit side, to close yung expense na nasa credit side the entry must be:
Debit expense
Credit income summary
Hope it helps.
Hello sir, sa may padulo po ba matic na ang debit is revenue and expense is credit? Thank uuuuu po
Hello Camilla! Yes, revenue normal balance ay credit. Therefore, sa closing entries naka debit ang revenue.
Expense normal balance ay debit. Therefore, sa closing entries naka credit ang expense.
Hope it helps.
Sir cinoclose din po ba sa merchandising tulad ng sales?
Hi Mark. Yes, ang sales ay revenue account ng merchandising. Sales ay kinoclose to Income summary. Hope it helps.
Sir what if wlang revenues duon sa Adjusting entry, puro expense lang po
Ang Merchandise Inventory po ba sir kiniclose din po ba nang income summary?
Hello Darlyn. If walang adjusting entry sa revenue, then ung revenue na nasa unadjusted will be the adjusted balance ng revenue.
Tapos follow mo lang steps ng closing entries. Hope it helps.
Sir may video po ba kayo dyan sa closing posted in worksheet?
Hello Jerome. Wala kami video na about closing entries posted in worksheet. 👍
Paano i post yung closing entries sa ledger?
Bakit po wala ang withdrawal account? Di ba ikoclose din yun?
Hello Cheska. Yes, close to capital. Please watch yung part 2 nito for more info 💛
Kuya anu po pagkakaiba ng income statement at income summary??😊
Income statement - component ng financial statements na kung saan makikita natin ang profit or loss ng business. Ginagawa natin mga accountant ang income statement to report the financial performance (i.e., kung kumita or nalugi ang business).
Income summary - ito ay account title, like service revenue, salary expense, etc. Dito sa account na ito makikita ang amount ng profit or loss ng business.
Income statement is a report/component of financial statements.
While Income summary is an account title.
Hope it helps, me 🫶
paano kung walang revenue ang account?
Paano po sir pag multiple revenue account? Paano po sya ma close
Same process lang din, april 🙂 pag ganyan, yung closing entry is maraming account na revenue na nakakdebit. Hope this video lesson help you ♥️
sir, what if yung amount po sa consulting revenue nasa debit side po? (referring sa t-account), magiging ganto po ba siya:
Dr. Income Summary 67k
Cr. Consulting Revenue 67k
Same question po sa expense. Enlighten me po 😭😭😭
Yes, synx 🙂 you are correct. Ganyan ang closing entry if nasa debit side ang revenues.
However, very rare na debit side ang revenue. Pag revenue, lagi yan credit side 🙂
Hope it helps, synx ♥️
@@FilipinoAccountingTutorial tysssssm pooooo! ganyan po kasi yung lumabas sa quiz namin kanina 😭
I see, synx 🙂 Goodluck on your quiz. Hope you get the best results ♥️
@@FilipinoAccountingTutorial good aftie po, sir! ano po yung gagawin kapag may remaining balance po from previous accounting period (2020), tas mag jojournalize ka na po ng mga transactions occured po sa new accounting period (2021)? ano po mangyayari don sa mga remaining balances from previous acc period?
hi sir goodevening,question sir, in closing the Income summary account, what do i do if there are two capitals? am i gonna divide the income summary into 2?
it looks like this sir -
income summary
gray Capital
mateo capital
Hello myst. You will close the income summary to capital accounts. The amounts to be credited will be based on partners profit sharing agreement 🙂
@@FilipinoAccountingTutorial thank you for the response sir, but what if there's no profit share agreement?
huhu pede po ba mahingi notes nyo, papaprint q lagggg
Sorry, mariol, but i dont give notes. Purely videos lamang kami dito. Hope this video will still help you ♥️
SIRRR ANO YUNG WORD NA NETO??
NETO meaning "net". Kpag accounting ang pinag uusapan natin, "Net" means my amount na ibinawas. Example Net Income. Net income is Income "ibinawas" ang expense. Hope it helps, anna 🙂
.