Financial Statements - I
Chapter 9: Financial Statements - I · ACCOUNTANCY · EN medium
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The balances of various accounts in balance sheet are carried forward from one accounting period to another accounting period. In fact, the balance sheet of an accounting period becomes the opening trial balance of the next accounting period. Next year an opening entry is made which opens these accounts contained in the balance sheet. Refer the balance sheet shown in figure . (c). The opening entry with regard to it will be recorded as follows :
📖 Accounts 9 (1) · Page 32
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The balances of various accounts in balance sheet are carried forward from one accounting period to another accounting period. In fact, the balance sheet of an accounting period becomes the opening trial balance of the next accounting period. Next year an opening entry is made which opens these accounts contained in the balance sheet. Refer the balance sheet shown in figure .
(c). The opening entry with regard to it will be recorded as follows :
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