Question

Ledger posting of an opening entry depicts the_________ balances  

(a) Closing                                                                            (b)Opening  

(c) Both the balances                                                            (d)None of them

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Answer 1

Answer:

Opening balance for the current accounting period.

Explanation:

When a company decides to employ the double-entry bookkeeping method, it must first record an opening entry using the general journal in the ledger. Depending on the inclusion of the beginning balance sheet's contents, the opening of a firm will differ from business to business. The amount brought forward from the end of the previous accounting year at the beginning of an accounting period is known as the opening entries, and it is shown on the balance sheet.

The company's assets, capital, and liabilities from the balance sheet of the previous year make up the opening balance.

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Answer 2

Answer:

Option (b) Opening

Ledger posting of an opening entry depicts the opening balances.

Explanation:

• The opening balance is basically that balance that is brought forward at the starting of an accounting period from the end of the previous accounting year or period.
• It comprises of the total number of funds in a company's account at the beginning of a new financial period.
• Hence it can also be referred to as the first entry in the accounts.
• It could be either during the starting of a company or after a year-end.
• The ending balance becomes the opening balance for the starting of the next month in an operating firm.
• It can be on the credit or debit side of the ledger.

Final Answer:

Ledger posting of an opening entry depicts the opening balances.

Link:

https://brainly.in/question/39170251?referrer=searchResults

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