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| 1. |
What is opening journal entry ⛄?? |
| Answer» Opening entry is the journal entry through which the closing balances of the previous year are recorded in the current year\'s books of account. While passing an opening entry , all assets accounts are debited and liabilities accounts are credited.<br>When next financial year begins, the accountant passes one journal entry at the beginning of every financial year in which he shows all the opening balance of assets and all the liabilities include capital. That journal entry is called an opening journal entry. | |