Question

Opening Entry
11. Following balances existed in the books of M/s. Anand Stores as on 1st April, 2020:
Assets : Cash * 60,000; Bank * 40,000; Stock * 1,50,000; Furniture * 43,000; Debtors
*1,45,000 (X* 35,000; Y50,000; Z*60,000).
Liabilities : Loan from Vikas 60,000; Creditors 52,500 (A* 22,500; B 30,000).
Pass necessary Journal entry to record the above balances. [Capital— 3,25,500.]​

Answer 1

record all assets in the debit side and liability in the credit side the difference between them is of 325000 which is the capital ( capital = Assets-liability ) the capital will be recorded in the credit section as capital reserve account