April 1- Opening Balance = Rs. 500
April 7- Salary received= Rs.8000
April 10- Rent paid= Rs. 5000
April 30- Closing Balance= Rs.3500 (500+8000–5000)
as per single entry covert to double Callum entry
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The opening balance is the amount of funds in a company's account at the beginning of a new financial period. It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end.
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