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Opening balances

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Querist : Anonymous

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Querist : Anonymous (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.
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 March 2016 Closing balance of previous day becomes the opening balance of next day. In the absence of closing balance, one needs to estimate the same on a best judgement basis.
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