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what is Opening & Closing Balance?
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Answer / akshay
Opening balance is that, cut off or last year remain
balance & closing balance is that this year balance is
using for next year.
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / pravin kamble
For a new company / individual, if he opens his account in
bank on 1st Jan 2010 agreed to closed his books of accounts
on 31st Jan 2010, in this criteris, the balance which is
appearing in bank statement at the end 1st Jan 2010 is his
opening balance for the month & on 31st Jan 2010 the total
remains (after calculating all the debits & credits which
he had received in his bank) is his closing balance.
But if he continues his account for next few months so the
closing balance of his account at the end of agreed period
will be (it has to be) opening balance for the next month.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / prathiba.p.v@gmail.com
Opening stock is the starting stock, which was brought from
the previous year.And closing stock is the value of unsold
goods at the end of the trading period.Closing stock is
valued at the cost price or the market price, which is
lower. It should be noted that the closing stock of the
current year, will be the opening stock for the next year.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / shefeek cv
opening balance is the balance which is carried forward
from previous year and closing balance is the remaining
balance carried forward to the coming year
| Is This Answer Correct ? | 4 Yes | 0 No |
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