Question

what is an opening entry? (one mark only)​

Answer 1

HEY ❤️

The opening balance is the balance that is brought forward from the end of one accounting period to the beginning of a new accounting period.

Answer 2

the entries which are made to open new set of books in the beginning of the new accounting year is called as opening entries . the balances of Assets and liabilities of the previous year balance sheet are to be transferred to the next year as opening balances . the entries to record set opening balance of Assets and liabilities and Capital Asset as opening entries where assets accounts are debited and liabilities accounts are credited the difference between total assets value and total liabilities value is known as NET business value which is to be credited to capital account .

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