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Pass the Opening Entry on 1st April, 2019 on the basis of the following information taken from the books of Raman. Also , post the opening entry. {:(,₹),("Cash in Hand ","20,000"),("Sundry Debtor","60,000"),("Stock of Goods","40,000"),("Input IGST Account","15,000"),("Input SGST Account","5,000"),("Plant","50,000"),("Land and Building","1,00,000"),("Sundry Creditors","1,00,000"):} |
Answer» Solution : Notes: 1.The EXCESS of assets over liabilities is the PROPRIETOR's capital and is credited to his Capital Account. 2. Input IGST Account and Input SGST Account have debit balance.   Use of the words 'To' and 'By': It is customary to USED the word 'To' with accounts which appears on the debit side of a Ledger Account. Similarly, the word 'By' is used with account which appears on the credit side of a Ledger Account. THe word 'To' and 'By' do not haveany SPECIFIC meaning. Modern accountants, therefore, do notuse these words. |
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