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Overview of Financial Statements

What is an op...

Question

What is an opening entry?

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Solution

Opening entry is a compound entry that carries all the balances of assets and liabilities of previous year to the current year.

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Q. Micropyle is an opening for entry of ......................

Q. The effect opening entry is the opening of _______________.

Q. If opening entry is not passed _______________.

Q. Journal entry for transfer of opening stock is -
Trading A/c Dr.
To Opening Stock A/c

Q. If books are kept under single entry system, opening stock is ascertained by preparing ________.

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