Question

Pass the Opening Entry from the following Balance Sheet as at 31st March, 2019 of Vikas:

Liabilities		₹	Assets	₹
Capital A/c:			Land and Building	1,50,000
Opening Balance	5,05,115		Plant and Machinery	2,50,750
Add: Profit for the year	1,20,115		Chandra & Sons	71,270
	6,25,230		Closing Stock	56,250
Less: Drawings	60,000	5,65,230	Cash in Hand	15,700
Salary Payable		15,000	Cash at Bank	75,250
Magic Trades		27,220	Input CGST	5,000
Babbar & Co.		11,770
Output SGST		5,000
		6,24,220		6,24,220

Answer 1

Books of Vikas
Journal
Date	Particulars			L.F.	Debit Amount (₹)	Credit Amount (₹)
2019
April 01	Land & Building A/c		Dr.		1,50,000
	Plant & Machinery A/c		Dr.		2,50,750
	Chandra & Son’s A/c		Dr.		71,270
	Closing Stock A/c		Dr.		56,250
	Cash A/c		Dr.		15,700
	Bank A/c		Dr.		75,250
	Input CGST A/c		Dr.		5,000
		To Salary Payable A/c				15,000
		To Magic Traders’s A/c				27,220
		To Babbar & Co.Ltd’s A/c				11,770
		To Output SGST A/c				5,000
		To Capital A/c (Balancing Figure)				5,65,230
	(Opening entry made)