I am preparing a balance sheet for the first time for my client.
We have been filing ITR since 2013-14, but have never prepared a Balance Sheet, since there were only Rent receipts and miscellaneous expenses.
Now I am having opening balances from Bank account, but I am not sure of where to post other effect of the Opening balance from Banks.
Shall it be adjusted against Capital account. Like I am having opening dr balance of Rs.10000 from Axis bank, so shall I post this balance to Capital Account as a credit balance as other effect.
How to adjust opening balance from Banks, kindly advise.
CAclubindia
