carry forwarding last year closing balances into current year financial statement.
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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
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capital
Opening Entry:Cash a/c xxxxxxGoods xxxxxBank a/c xxxxxShare Capital xxxx
Opening-equals access point, entry. Hold is grasp or storage area on a ship
The first opening entry of a ledger is the correctly dated total or balance. It is from that amount in which all other numbers are credited and debited.
Journal entry for opening a bank account
doorway, portal, opening, entrance, entry, exit
latter of cedit expenses is debit and cash credit
Debit bank accountCredit cash