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opening entry
anjali
Member Posts: 75
hello ramya,
i read the opening entries pdf. wht actually i want to know is suppose we are passing an opening entry using general journal, then what basically should be the balancing account.
for example in case of bank --
bank
dr
?
cr
in case of customer ,vendor and fixed assets it is clear to me .
but wht in case of some liability?
plz help
anjali
i read the opening entries pdf. wht actually i want to know is suppose we are passing an opening entry using general journal, then what basically should be the balancing account.
for example in case of bank --
bank
dr
?
cr
in case of customer ,vendor and fixed assets it is clear to me .
but wht in case of some liability?
plz help
anjali
0
Comments
As far as opening entries for bank (eg) is concerned, u will create an entry in the general journal and leave the balancing account blank.
THis is because, you would actually enter all the TRIAL BALANCE ACCOUNTS value on each line. Hence, if ur trial balance is balanced, the journals would post without any problem.
010101 bank a/c 100000(dr)
010101 casha/c 2000000(dr)
010101 sales a/c 4000000(cr)
010101 purchase a/c 300000(dr)
010101 is the posting date, next is the account type.
ramya
Will you be able to post this?
You have 2000000 dr balance
UK
This is just an example of accounts from the Trial balance.
ramya