Question

Under Single Entry System Opening Capital = Opening Assets Less ________. (Fill in the blank by choosing correct option)
(a) Closing Assets
(b) Opening Liabilities
(c) Opening Assets
(d) Closing Liabilities

Answer 1

Hey mate ✌️✌️


Under Single Entry System Opening Capital = Opening Assets Less ________. (Fill in the blank by choosing correct option)
(a) Closing Assets
(b) Opening Liabilities ☑️☑️
(c) Opening Assets
(d) Closing Liabilities

Answer 2

Under Single Entry System Opening Capital = Opening Assets Less Opening Liabilities.

* In other words, opening capital is estimated by contracting the opening liabilities from the opening assets.

* Opening capital: the balance present with the company at the beginning of a period of financial year.

* Opening assets: the economic resources present with the company at the beginning of the period.

* Opening liabilities: the deposits that the company needs to pay back( according to the last record).