Opening Balance

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Advocate
272 Points Posted on 27 January 2021
What will be my opening balance? Capital of last year or Amount of Balance sheet?
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On 27 January 2021 at 21:25 Report
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This discussion clarifies what constitutes an opening balance for a new financial year. It explains that the opening balance is derived from the closing capital balance of the previous year. This closing capital balance is calculated as the previous year's capital plus net profit, not the total balance sheet amount or closing stock.

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Chartered Accountant
24588 Points Posted on 27 January 2021
Please elaborate
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On 27 January 2021 at 21:42
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Advocate
272 Points Posted on 27 January 2021
My last year Capital +net profit balance is 350000 but my balance sheet total balance is 650000 .Then what will be my opening balance this year ?
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On 27 January 2021 at 21:49
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Chartered Accountant
24588 Points Posted on 27 January 2021
Your closing capital balance in last year will be the opening balance in current year balance sheet
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On 27 January 2021 at 22:16
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Advocate
272 Points Posted on 27 January 2021
It meant capital +net profit or Closing stock?
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On 27 January 2021 at 22:20
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22 Points Posted on 28 January 2021
Your closing capital balance in last year will be the opening balance in current year balance sheet
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On 28 January 2021 at 19:05

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