Difference in Opening Balance in accounts
This query is : Open
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20 April 2023
In a going concern business, When started accounting in Tally ERP9 for first time, Whether the entry on the first day of financial year (i.e 1st April) for opening bank statement by debiting the bank a/c and crediting the capital a/c is correct way of accounting or simply creating bank ledger with opening balance and leaving the balance sheet as difference in opening balance on liability side is ok. What will be the entry for opening balance of bank statement? Please guide.
20 August 2023
In case you have prior period data, you can create legders with opending balances as on 1st of April and move ahead
21 August 2023
Thanks for your reply Sir. But I don't have prior period data for opening balances
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