Closing accounts -whats the difference between c/d + b/d and c/f + b/f

My book seems to switch between the different terms when closing accounts. Does it make any difference which ones I use?
I was under the impression one set of terms were used when closing accounts off monthly and one for weekly. ie b/f -brought forward, you would use on the opening balance for a new month and b/d -brought down, would be for a new week but in the same month.
Can anyone shed any light on this?
thanks!
I was under the impression one set of terms were used when closing accounts off monthly and one for weekly. ie b/f -brought forward, you would use on the opening balance for a new month and b/d -brought down, would be for a new week but in the same month.
Can anyone shed any light on this?
thanks!
Comments
tracy
thanks!
C/D: carry down (IMO present tense rather than past tense carried down) is the balancing figure in the T account
B/D: brought down is the C/D from above and which will also be the C/F (carrying/carried forwards) figure for the next accounting period
B/F is the opening figure in the new period being the C/F figure brought forwards from the previous period.
i would have to agree with this statement
b/f shows a loss of the current accounting period and is entered on the left hand side to balance the debit side and c/f shows a profit of the existing accounting period and is entered to the liability side to balance tha account which will be b/d to the next accounting period........so these term are not the same as others think