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Opening Balance
I am posting entries from 1 July 2020. should I put opening balance of indirect or direct expenses ?
Replies (3)
No , Closing balance of last year will be Oping balance current year and will be Carried forward form 1st April from Balance Sheet only ( Assets & Liabilities) Not form Trading or profit & Loss Account . You can not carried forward Direct & Indirect Expense .
Thank you for help and quick response.
Closing balance on 31.3.19 will be carried forward to 1.4.20
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