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Following balances appeared in the balance sheet of M/s Anshul as on 31st March, 2016.

Balance Sheet

Liabilities

Rs. 

Assets

Rs. 

Capital

25,00,000

Land and Building

15,00,000

Creditors

10,00,000

Furniture

8,00,000

Bills Payable

5,00,000

Machinery

10,00,000

 

 

Debtors

2,00,000

 

 

Stock

5,00,000

 

 

 

 

 

40,00,000

 

40,00,000

Pass the necessary journal entries for opening the books for the year 2016-17.

 

Asked by Topperlearning User 12th July 2016, 8:45 AM
Answered by Expert
Answer:

Journal Proper

Date

Particulars

 

L.F.

Dr. (Rs.)

Cr. (Rs.)

2016

 

 

 

 

 

April 1

Land and Building A/c

Dr.

 

15,00,000

 

 

Furniture A/c

Dr.

 

8,00,000

 

 

Machinery A/c

Dr.

 

10,00,000

 

 

Debtors A/c

Dr.

 

2,00,000

 

 

Stock A/c

Dr.

 

5,00,000

 

 

 To Capital A/c

 

 

 

25,00,000

 

 To Creditors A/c

 

 

 

10,00,000

 

 To Bills Payable A/c

 

 

 

5,00,000

 

(Being the last year balances brought forward)

 

 

 

 

 

Notes:

Opening entry is not posted in the ledger accounts. These are opened in the new books of account as ‘To Balance b/d’ on the debit side for all asset accounts and ‘By Balance b/d’ on the credit side for all liabilities and capital accounts.

Answered by Expert 12th July 2016, 10:45 AM
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