Opening balances

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This query is : Resolved

Querist : Anonymous

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.

Amol S Joglekar

Amol S Joglekar (Expert)
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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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