Opening Journal Entry Examples Journal - Explained with Animated Examples

Описание: Example No. 1: When Both sides total is equal to each other
Balance sheet year ending 31/03/2020 shown the following balances post it to next financial year:
Closing Balances of Assets are:
Furniture & Fixture = 50,000/-
Plant & machine = 2,50,000/-
Land & Building = 25,00,000/-
Vehicle = 3,30,000/-
Copyright = 50,000
Debtors = 80,000/-
Cash = 35,000/-
Bank = 2,75,000/-
Closing Balances of Capital and liabilities are
Capital = 9,90,000/-
Bank loan A/c = 15,00,000/-
Mortgage Loan = 10,00,000/-
Creditors = 80,000/-

Example No. 2: When the credit side is short and the balance of the capital account is missing:
Balance sheet year ending 31/03/2020 shown the following balances post it to next financial year:
Closing Balances of Assets are
Plant & machine = 30,00,000/-
Land & Building = 50,00,000/-
Cash = 35,000/-
Bank = 5,15,000/-
Closing Balances of liabilities are
Bank loan A/c = 50,00,000/-
Mortgage Loan = 30,00,000/-

Example No. 3: When the credit side is short but the balance of the capital account is also given
Balance sheet year ending 31/03/2020 shown the following balances post it to next financial year:
Closing Balances of Assets are
Plant & machine = 30,00,000/-
Land & Building = 50,00,000/-
Cash = 35,000/-
Bank = 5,15,000/-
Closing Balances of liabilities and Capital are:
Bank loan A/c = 50,00,000/-
Mortgage Loan = 30,00,000/-
Capital= 40,00,000/-

Example No. 4: When the Debit side is short
Balance sheet year ending 31/03/2020 shown the following balances post it to next financial year:
Closing Balances of Assets are
Plant & machine = 30,00,000/-
Land & Building = 50,00,000/-
Cash = 35,000/-
Bank = 5,15,000/-
Closing Balances of liabilities and Capital are:
Bank loan A/c = 50,00,000/-
Mortgage Loan = 30,00,000/-
Capital= 50,00,000/-

Question for Practice:
Following is the question for your practice. So please solve it by your own if you have face any difficulty then you can ask me by commenting us in the comment box.
Question No. 1:
The opening Debit balance is shown as under:
Furniture Rs 60,000/-, Building Rs 10,00,000/-, Mr Rajan Rs 15,000/-, Miss Renuka Rs 25,000/- Plant and Machine Rs. 1,50,000/-
The opening credit balance is shown as under:
Capital Rs. 10,00,000/-, Bank loan Rs. 2,00,000, due to Mr Kartik Rs 50,000/-,
Question No. 2:
Assets side of the balance sheet shows the following balances:
Land And building Rs 15,00,000/-, Furniture Rs 2,50,000/-, Vehicle Rs 3,50,000/- Goodwill Rs 1,00,000/-, Debtors Rs 3,00,000/-
Liabilities side of the balance sheet shows the following balances:
Capital Rs 18,00,000/-, Mr Ram’s Loan A/c 5,00,000/- and creditors Rs 2,00,000/-
Question No. 3:
Assets side of the balance sheet shows the following balances:
Land And building Rs 15,00,000/-, Furniture Rs 2,50,000/-, Vehicle Rs 3,50,000/- Goodwill Rs 1,00,000/-, Debtors Rs 3,00,000/-
Liabilities side of the balance sheet shows the following balances:
Capital Rs 18,00,000/-, Mr Ram’s Loan A/c 5,00,000/- and creditors Rs 1,00,000/-

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