The contents of the opening entry generally include the initial funding as well as any initial debts incurred and assets obtained by the firm. The opening of a firm will vary from business to business, this depends on the inclusion of contents of the opening balance sheet. Double Entry Bookkeeping…

When the next financial year begins, the accountant passes one journal entry at the beginning opening balance journal entry example of every financial year in which he shows all the opening balance of assets and all the liabilities include capital. In a business concern, at the start of an accounting period,…