Brought goods of Rs:10,000,Furniture of RS:2000 and Debtors of RS:30,000 in
business.
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When preparing the accounts of any firm for any year, there will be certain opening entries that will need to be incorporated in the balance sheet. Without these entries, the accounts will fail to show the true and fair view of the financial status of the firm. Let us understand how to pass an opening entry.
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