Opening balances
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.
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.
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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