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Difference in opening balance

GOWSH (ACCOUNTANT) (26 Points)

18 December 2018

Hello every one, i have problem in difference in opening balance, in my company long term loan not show in the last finalcial year, now i am enter the amount in opening balance, then it show opening balance diffence in trial balance , what is soultion. pleas help me

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4 Replies

Ashwini (Accountant) (141 Points)
Replied 18 December 2018

Do entry on 1st april

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GOWSH (ACCOUNTANT) (26 Points)
Replied 19 December 2018

how to pass the entry

satish (teaching) (2046 Points)
Replied 19 December 2018

see, we are following double entry system. so for every debit there should be credit.
in your case you have raised liability, so you should either raise assets or reduce amount from liability side.
if you have info regarding loan fund, simply you can raise entry. otherwise adjust with capital.

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