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How to Post Opening journal Entry ?

When a business organization shifts from one account period to another accounting period. His assets and liabilities are also shifted. In the beginning of new accounting year, accountant will pass opening journal entry by writing debit to all assets and credit to all liabilities. But it will not post to ledger by ordinary way. When we open assets and liabilities account , we write “ To balance b/ d ( brought down ) ”, if balance is debit . We also write “ By balance b/d ( brought down ) ” .We can explain it with following way !

Mr. Ajay is doing business as a general merchant . On first April 1992 , his position was as follows :

Cash in hand Rs. 15000 , Cash at bank Rs. 75000 , stock Rs. 300000 , furniture Rs. 16000
Machinery Rs. 144000, Due from Rahul Rs. 100000 and from Tarik Rs. 110000

His liabilities were : Due to Dev Dutt. Rs. 260000 and loan from Surinder Kumar Rs. 40000 . Give the opening entry and post it to ledger

Journal

Cash account Dr. 15000
Bank account Dr. 75000
Stock Account Dr. 300000
Furniture account Dr. 16000
Machinery account Dr.144000
Rahul account Dr. 100000
Tarik account Dr. 110000


Dev Dutt account Cr. 260000
Surinder kumar’s loan account Cr. 40000
Capital Account Cr. 460000

Ledger

Cash Account

Dr. Side

___________________

To balance b/d 15000

---------------------------

Bank Account

Dr. Side

__________________________

To balance b/d 75000

----------------------------

Stock Account

Dr. Side

__________________________

To balance b/d 300000

--------------------------
Rahul Account

Dr. Side

__________________________

To balance b/d 100000

--------------------------

Tarik Account

Dr. Side

__________________________

To balance b/d 110000

---------------------------
Furniture Account

Dr. Side

__________________________

To balance b/d 16000

---------------------------
Machinery Account

Dr. Side

__________________________

To balance b/d 144000

---------------------------

Dev Dutt Account Account

Cr. Side

__________________________

By balance b/d 260000

--------------------------

Surinder kumar’s loan Account

Cr. Side

__________________________

By balance b/d 40000

---------------------------

Capital Account

Cr. Side

__________________________

By balance b/d 460000

--------------------------


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Accounting Education: How to Post Opening journal Entry ?
How to Post Opening journal Entry ?
Accounting Education
http://www.svtuition.org/2009/09/how-to-post-opening-journal-entry.html
http://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2009/09/how-to-post-opening-journal-entry.html
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