Opening balances
This query is : Resolved
shashikant
(Querist)
07 March 2016
PLEASE TELL ME
HOW TO TAKE A OPENING BALANCE OF PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT & BALANCE SHEET.
I MEAN TO SAY THAT OPENING BALANCES IS ESTIMATED OR SOME MATHEMATICALLY CALCULATIONS.?
PLEASE TELL ME IN BRIEF.
HOW TO TAKE A OPENING BALANCE OF PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT & BALANCE SHEET.
I MEAN TO SAY THAT OPENING BALANCES IS ESTIMATED OR SOME MATHEMATICALLY CALCULATIONS.?
PLEASE TELL ME IN BRIEF.
Amol S Joglekar
(Expert)
08 March 2016
Closing balance of previous day becomes the opening balance of the next day. A best judgement estimate is made if the closing balances are not available for some reason
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