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.

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.

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.

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)

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