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Debit bank accountCredit cash
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Journal entry for opening a bank account
capital
Debit bank accountCredit cash
opning balance of sundry debtors
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Journal entry for opening a bank account
capital
don t known
According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
latter of cedit expenses is debit and cash credit
[Debit] cash / bank / goods [Credit] Owner's equity
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
what is entry of closing stock in p & L a/c & balance sheet