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What is Opening & Closing Entry
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Answer / tejas
Opning is the starting balance of transaction at the first
day of business yeare (i.e 1st April of every business
yeare) & Closing is the balance which remaine after the end
of the transactions on 31 March of every next business
yeare.
| Is This Answer Correct ? | 26 Yes | 9 No |
Answer / tejas
Opning is the starting balance of transaction at the first
day of business yeare (i.e 1st April of every business
year) & Closing is the balance which remaine after the end
of the transactions on 31 March of every next business
year.
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / chandu
opening entry is an entry, which is posted an account
transfering from last year closing balance of an account.
closing entry is an entry which is posted an account to
know closing balance of an account. generaly closing
entries prepared every month end or year ending.
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / earasathiru6
If u have openig stock of steel on 1st April that entry is
Steel A/c Dr
To Opening(Steel)/steel stock A/c
(Being steel stock on st April)
Closing entry for same stock on march
Closing steel (balance)stock A/c Dr
To Steel A/c
(Being steel closing stock on
march)
| Is This Answer Correct ? | 3 Yes | 5 No |
if the balance of the supplies account on January 1 was $500, supplies purchased during the year were $1750, and the supplies on hand at December 31 were $300, the amount for the appropriate adjusting entry at December 31 is?
EXPAND______________IARCS
EXPAND______________OLTAS
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