Starting business cash and bank balance initial entry

Neeraj Desai (Accountant) (53 Points)

31 March 2021  

I require a small clarification.

X started business as a sole proprietor dealing in construction material with:
Rs. 10000.00 in cash
Rs. 7000.00 in SBI Saving Bank Account
Rs. 5000.00 in AXIS Bank Saving Bank account

How is the initial entry to be passed for the above when starting new books of accounts in Tally?

Debit will be for cash, the other for SBI Saving Bank Account and the other for AXIS Bank Account, what about the credit? Will it be Capital account? Or, shall we just put opening balance for all the above accounts with the figures above.

How to do this entry?

Neeraj