What is a “closing balance? ”
a. the amount of money you have at the end of the statement period
b. the amount of money you have when you close your account
c. the amount of money you owe at the end of the statement period
d. the amount of money waiting to be transferred out of your account

Closing balance is defined as the amount of money you have at the end of the statement period.

The bank sends statement of Closing balance at the end of each month, quarterly or yearly to their customers which shows the remaining balance in your account at the end of each statement period. Sheet consists of three columns, debit, credit and balance amount. It also shows the sum of debited amount, sum of credited amount and lastly the remaining balance.

22

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2500

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