Question

Assets:



Cash Rs. 6,000; Bank Rs. 17,000; Stock Rs. 3,000; Bills Receivable Rs.7,000; Debtors Rs. 3,000; Building Rs.70,000; Investments Rs. 30,000; Furniture Rs. 4,000



Liabilities:



Bills payable Rs. 5000, Creditors Rs. 9000, Ram's Loan Rs. 13000



Pass an opening Journal entry.​

Answer 1

Answer:

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Answer 2

Opening Journal Entry

Explanation:

In Opening, if Asset is greater than liabilities then the difference is written in capital and if not then written as goodwill on the asset side.

Cash A/c                                    Dr.                6,000

Bank A/c                                    Dr.                17,000

Stock A/c                                   Dr.                 3,000

Bills Receivables A/c                Dr.                 7,000

Debtors A/c                               Dr.                 3,000

Building A/c                              Dr.                  70,000

Investments A/c                        Dr.                  30,000

Furniture A/c                             Dr.                   4,000

       To Bills Payable A/c                                        5000

       To Creditors A/c                                              9000

        To Ram's Loan A/c                                          13000

         To Capital  A/c                                                 113000

If Ram is the owner, which would have been written in the above starting lines then ram's loan would not be considered in this opening entry. It has to be skipped in the opening entry. If not then you can do it the way I have shown