Question

balance from last month b/d journal entries​

Answer 1

Balance from last month b/d journal entries​:

• The balance sheet will need to include a few starting entries when creating the accounts of any company for any year. Without these entries, the accounts won't accurately reflect the company's financial situation. Let's examine the process of passing an opening entry.
• The opening balance is typically the balance that is carried forward from the end of the previous accounting period to the beginning of the current accounting period. The opening balance represents the amount of money or capital in a company's account at the beginning of a new fiscal year. The accounts' very first entry, in fact.
• The closing balance at the end of a month or year becomes the opening balance at the start of the following month or accounting year in an operational firm. Either the credit or debit side of the ledger may contain the opening balance.

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