Question 23 of 28
Q.Ramnath carried forward the following items. Make the opening entry in Journal proper as on 1st January 2022.
Cash ₹ 30,000, Stock ₹ 15,000
Furniture ₹ 3,000, Sundry creditors ₹ 10,000
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2025Subjective· 2mImportance★★★★★
82% · 23/28 Questions
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Start your 14-day free trial to unlock the full solution →Assets (Cash, Stock, Furniture) are debited, Sundry Creditors credited, and Capital of ₹38,000 (the balancing figure) is credited in the opening journal entry as on 1st January 2022.
An opening entry records the assets and liabilities carried forward from the previous period. Assets are debited, liabilities are credited, and Capital is the balancing figure:
- Total assets = Cash ₹30,000 + Stock ₹15,000 + Furniture ₹3,000 = ₹48,000
- Liabilities = Sundry Creditors ₹10,000
- Capital = Assets − Liabilities = ₹48,000 − ₹10,000 = ₹38,000
Opening Journal Entry (as on 1st January 2022)
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2022 Jan 1 | Cash A/c … Dr | 30,000 |
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