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प्रश्न
What is an opening entry?
उत्तर
- At the end of the accounting year, all nominal accounts are closed but the business has to be carried on with the previous year’s assets and liabilities.
- These accounts are to be brought into the accounts of the current year.
- Journal entry made at the beginning of the current year with the balances of assets and liabilities of the previous year is opening journal entry.
- In this entry, asset accounts are debited, liabilities and capital accounts are credited.
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संबंधित प्रश्न
Answer the following question in one sentence:
Which transactions are recorded in the Journal Proper?
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Credit purchase of Machinery is recorded in the ______
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Entry for bad debts is recorded in the ______
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The person who draws the cheque and signs on it is the ______.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
A fixed amount is deposited for a fixed period in ______ deposit account.
State whether the following statement is True or False with reasons:
Journal is a book of secondary entry.
Complete the following sentence:
Assets sold on credit are entered in ______
Purchases of fixed assets on credit basis is recorded in _____________.
Closing entries are recorded in ___________.
What is journal proper?
