How to enter closing balances in tally to generate balance sheet

you fave to pass the journal entry for this. a single journal entry will be sufficient

There is one alternative which can be used.

First create a ledger name COST OF GOOD SOLD

which need to be classified under direct expenses or trading accounts

. [We know that Cost of good sold= Opening Stock + Purchases - Closing Stock]

  Than transfer Opening stock and purchases to Cost of good sold by way of journal entry.

  Afterward closing stock can be posted by passing Journal Entry  

Cost of good sold A/c Dr.        xxxx  

                   To Inventory          xxxx [classified under Inventory]

 

Since most have suggested passing journal entries, what heads in the journal entries will need to be debited and credited in order to do this?

I have attached the Tally file that contains the opening balances as per last audited Balance Sheet.

The firm is a Multi Purpose Credit Cooperative Society which extends loans for Motor Vehicle and other Purchases, as well as accepts deposits in various forms (Fixed Deposits, Savings Deposits etc.)

Can you please provide a few examples of which Heads are to be Debited and Credited with the data in the attached Tally files?

Link to Tally File

Thank You,

Presently, the closing balances of few of the heads are as follows. When passing a journal entry as suggested by all the replies, to post closing Balances, one Head will be either one of the below. Which will be the other head? This is where I am confused. Can you please help with this?

Liabilities:
Share Capital
A Class Share Holders - 58,56,713.00

Deposits
Daily Deposit Scheme - 75,76,267.00
Fixed Deposits - 6,50,83,590.00

Assets:
Bank Accounts
Axis Bank - 14,590.00

Loans & Advances:
Vehicle Loans - 3,40,68,131.00