What Is the meaning of opening journal entry.?
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It is the first entry passed in the journal book incorporating the closing balance of previous year are known as opening journal entry
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Journal means daily records.
In this, transactions are recorded in order of their occurrence, i.e., in chronological order from the source document.
Specimen of journal showing at least five entries :-
Date− Date of transaction is recorded in the order of their occurrence.
Particulars− Details of business transactions like, name of the parties involved and the name of related accounts, are recorded.
L.F.− Page number of ledger account when entry is posted.
Debit Amount− Amount of debit account is written.
Credit Amount− Amount of credit account is written
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