Financial Accounting

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Opening Entries

Concept of Opening Entries

Opening entry is referred to as the first entry that is recorded or which is brought forward from a previous accounting period to the new accounting period.

In an ongoing business, the closing balance of the previous accounting period serves as an opening balance for the current accounting period.

The opening entry will vary based on the business and the opening entry can be either on the debit or credit side.

Format of Opening Entry

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