Entry for opening balance of bank account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2011
Hi, I am working in propritor firm, My query is we closed our last yr.books.Propritor open current a/c in last year but not shown in balance sheet. Now in this year we have to show it in books. So,in that account last year closing balance was Rs. 10000.
What entry should I do?
What entry should I do?
24 December 2011
Well, as you cannot rectify the accounts of previous year, just dr. the bank a/c and credit the proprietor on the first day of the current year.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2011
as per accounting principal Which entry is correct?
Bank a/c dr to Prop. Capital a/c or
bank a/c dr to Cash A/c
Bank a/c dr to Prop. Capital a/c or
bank a/c dr to Cash A/c
25 December 2011
The first one is correct as no cash has come into the business.
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