Difference in Opening Balance in accounts
This query is : Open
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- REGARDING SECTION 44AE
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
