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"):}

Pass the Opening Entry on 1st April, 2019 on the basis of the followin

1.	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» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S01.png" width="80%"/> <br/> Notes: 1.The <a href="https://interviewquestions.tuteehub.com/tag/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> of assets over liabilities is the <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>'s capital and is credited to his Capital Account. <br/> 2. Input <a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a> Account and Input SGST Account have debit balance. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S03.png" width="80%"/> <br/> Use of the words 'To' and 'By': It is customary to <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> 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 <a href="https://interviewquestions.tuteehub.com/tag/specific-1220917" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIC">SPECIFIC</a> meaning. Modern accountants, therefore, do notuse these words.</body></html>

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