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Answer Posted / pravin kamble
For a new company / individual, if he opens his account in
bank on 1st Jan 2010 agreed to closed his books of accounts
on 31st Jan 2010, in this criteris, the balance which is
appearing in bank statement at the end 1st Jan 2010 is his
opening balance for the month & on 31st Jan 2010 the total
remains (after calculating all the debits & credits which
he had received in his bank) is his closing balance.
But if he continues his account for next few months so the
closing balance of his account at the end of agreed period
will be (it has to be) opening balance for the next month.
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