Explanation:

Balance c/d stands for 'carried down' — the one carried down from the ledger to the next accounting period, a closing balance is referred to by this. You can also use c/f for identifying the closing balance, meaning 'carried forward'.Close the income statement accounts with credit balances (normally revenue accounts) to a special temporary account named income summary. Close the income statement accounts with debit balances (normally expense accounts) to the income summary account.