Question

On 1st April 2015, the financial position of Apex Traders was as follows:
Capital
Bank overdraft
Machinery
Goodwill
Bills payable
Cash
Furniture a
Building
Loan from a supplier
Bills receivable
Give the opening journal entry
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Answer 1

Answer:

Opening journal Entry

Assets Account (opening balance) Dr.

Liabilities account (opening balance Cr.

Capital account Cr.

so

Machinery  DR

Goodwill DR

Cash  DR

Furniture DR

Building DR

Bills receivable DR

                   Capital  

                   Bank overdraft

                   Bills payable

                   Loan from a supplier