PASS OPENING ENTRY INTO NEW ACCOUNTING SOFTWARE

opening balance
  
Hello everyone! Here we are learning how to pass opening entry.
To pass opening entry we need require sufficient data such as previous year balance sheet and trail balance. As balance sheet consist of group items such as fixed assets and current asset etc. have to be cross verify with trail balance and from trail balance we can extract the required ledgers to be created in new software. The following steps should be followed while passing opening entry

Step 1
Get the previous year audited balance sheet:-

 










Step 2
Cross verify assets and liabilities with trail balance,after cross verification, try to extract each individual ledger as follows


Account
Debits
Credits
 CAPITAL ACCOUNTS


    Paid Up Capital


    Reserves & Surplus


    Profit/Loss A/C





 SECURED LOANS


    Axis -Term Loan .


    Axis Cash Credit


    Axis Car Loan


    SBH- Current Account





 UNSECURED LOANS


Mr.X


Loan from Mr.SD





 SUNDRY CREDITORS


ALL ROUND UO CORP


DANZAN CO


MATRIX CO


BAJAJ LTD








 Outstanding & Other Liabilities


    Deferred Tax Liability


    Ed.Cess Payble on Service TAx (Recipient)


    Ed.Cess Payble on Service TAx


    Ed.Cess. Payable on ST ( C O)


    Electricity Charges Payble


    ESI Employees Contribution


    Insurance Payable


    Outstanding Liabilities


    PF Employees Contributin


    Profession Tax Payble


    S.H.Ed Cess Payble On Sevice Tax (Recipient)


    S.H.Ed Cess Payable On Service Tax


    S.H.Ed.Cess Payable on ST ( C O)


    Salaries Payable


    Service Tax Payable (Recipient)


    Service Tax Payable


    Service Tax Payable ( C O)


    TDS (10%)


    TDS On Contractors (2%)


    TDS on Contracts [1%]


    TDS on Salaries





 PROVISION FOR TAXES


    Income Tax Provision




 FIXED ASSETS A/C

    Building


    CAR


    Computers A/C


    Electrical Equipment


    Furniture & Fixture


    Lab Equipment


    Land


    Mobiles


    Motor Vehicle ( 2 Wheeler )

    Office Equipment


    Plant & Machinery


    Printer





 PROVISION FOR DEPRECIATION


  Depreciation on Building


   Depreciation on Computers


  Depreciation on Electrical Equipment


   Depreciation on Furniture & fixtures


 Depreciation on Lab Equipment’s


   Depreciation on Office Equipment’s


   Depreciation on Plant & Machinery


   Depreciation on Vehicles





 INVESTMENTS A/C


    Investment In Z ltd.


    JETL Shares





 STOCK (GH)


    Stock - Raw Materials


    Stock - Consumable Fuel


    Stock - Work in Progress


    Stock - Finished Goods




 Sundry Debtors

TATA LTD


BATA LTD


MAC put ltd


SANSUI PVT LTD





 CASH & BANK ACCOUNTS


    Axis Bank - Current A/c


    Petty Cash





 DEPOSITS


    Customs Duty Deposit


    PLA Deposit A/C


    SBH LC Deposit


    Fixed Deposit For FLC


    FBT


    Electricity Deposit





 CURRENT ASSETS


    Advance Tax


    TCS Receivable A/C


    Bartha Seeds Private Limited


    Cen vat A/C


    CST 2%


    Ed Cass A/C


    Ed Cass on Service tax Receivable


    Ed Cass Receivable A/C


    Educes On ST (Recipient)


    Educes On ST


    Excise Duty Receivable A/C


    Prepaid Insurance


    S.H Ed Cass A/C


    S.H.DE CESS ON ST (Recipient)


    S.H.DE CESS ON ST


    Shed Cass On Service Tax Receivable


    Shed Cass Receivable A/C


    SAD Duty


    Service Tax (Recipient)


    Service Tax


    Service Tax Receivable


    TDS Receivables A/C





 EMPLOYEES ADVANCE A/C


    Employees Advance





 Misc. Expenditure


    Expenses prior to Commercial Production


    Preliminary Expenses


Total (Rupees)


 
Step 3
After extraction create ledgers in new accounting software and pass opening entry as follows

Rs.Amt
Particular
Debit
Credit
Assets a/c       Dr


 FIXED ASSETS A/C


    Building
xxxx

    CAR
xxxx

    Computers A/C
xxxx

    Electrical Equipment
xxxx

    Furniture & Fixture
xxxx

    Lab Equipment
xxxx

    Land
xxxx

    Mobiles
xxxx

    Moter Vehicle ( 2 Weeler )
xxxx

    Office Equipment
xxxx

    Plant & Machinery
xxxx

    Printer
xxxx

 INVESTMENTS A/C


    Investment In Z lTD
xxxx

    JETL Shares
xxxx




 STOCK (GH)


    Stock - Raw Materials
xxxx

    Stock - Consumable Fuel
xxxx

    Stock - Work in Progress
xxxx

    Stock - Finished Goods
xxxx




 Sundry Debtors


TATA LTD
xxxx

BATA LTD
xxxx

MAC pvt ltd
xxxx

SANSUI PVT LTD
xxxx




 CASH & BANK ACCOUNTS


    Axis Bank - Current A/c
xxxx

    Petty Cash
xxxx




 DEPOSITS


    Customs Duty Deposit
xxxx

    PLA Deposit A/C
xxxx

    SBH LC Deposit
xxxx

    Fixed Deposit For FLC
xxxx

    FBT
xxxx

    Electricity Deposit
xxxx




 CURRENT ASSETS


    Advance Tax
xxxx

    TCS Receivable A/C
xxxx

    Cenvat A/C
xxxx

    CST 2%
xxxx

    Ed Cess A/C
xxxx

    Ed Cess on Service tax Receivable
xxxx

    Ed Cess Recivable A/C
xxxx

    ED.Cess On ST (Recipient)
xxxx

    ED.Cess On ST
xxxx

    Excise Duty Recivable A/C
xxxx

    Prepaid Insurance
xxxx

    S.H Ed Cess A/C
xxxx

    S.H.DE CESS ON ST (Recipient)
xxxx

    S.H.DE CESS ON ST
xxxx

    S.H.Ed Cess On Sevice Tax Receivable
xxxx

    S.H.Ed Cess Recivable A/C
xxxx

    SAD Duty
xxxx

    Service Tax (Recipient)
xxxx

    Service Tax
xxxx

    Service Tax Receivable
xxxx

    TDS Recivables A/C
xxxx




 EMPLOYEES ADVANCE A/C


    Employees Advance
xxxx




 Misc. Expenditure


    Expenses prior to Commercial Production
xxxx

    Preliminary Expenses
xxxx




TO Liabilities a/c


 CAPITAL ACCOUNTS


    Paid Up Capital

xxx
    Reserves & Surplus

xxx
    Profit/Loss A/C

xxx



 SECURED LOANS


    Axis -Term Loan .

xxx
    Axis Cash Credit

xxx
    Axis Car Loan

xxx
    SBH- Current Account

xxx



 UNSECURED LOANS


Mr.X

xxx
Loan from Mr.SD

xxx



 SUNDRY CREDITORS


ALL ROUND UO CORP

xxx
DANZAN CO

xxx
MATRIX CO

xxx
BAJAJ LTD

xxx






 Outstanding & Other Liabilities


    Deferred Tax Liability

xxx
    Ed.Cess Payble on Service TAx (Recipient)

xxx
    Ed.Cess Payble on Service TAx

xxx
    Ed.Cess. Payable on ST ( C O)

xxx
    Electricity Charges Payble

xxx
    ESI Employees Contributin

xxx
    Insurance Payble

xxx
    Outstanding Liabilities

xxx
    PF Employees Contributin

xxx
    Profession Tax Payble

xxx
    S.H.Ed Cess Payble On Sevice Tax (Recipient)

xxx
    S.H.Ed Cess Payble On Sevice Tax

xxx
    S.H.Ed.Cess Payable on ST ( C O)

xxx
    Salaries Payable

xxx
    Service Tax Payable (Recipient)

xxx
    Service Tax Payable

xxx
    Service Tax Payable ( C O)

xxx
    TDS (10%)

xxx
    TDS On Contractors (2%)

xxx
    TDS on Contracts [1%]

xxx
    TDS on Salaries

xxx



 PROVISION FOR DEPRICIATION


    Depriciation on Building

xxx
   Depriciation on Computers

xxx
  Depriciation on Electrical Equipment

xxx
   Depriciation on Furniture & fixtures

xxx
   Depriciation on Lab Equipments

xxx
   Depriciation on Office Equipments

xxx



 PROVISION FOR TAXES


    Income Tax Provision

xxx



Total (Rupees)
XXXXXX
XXXXXX

TO DOWNLOAD EXCEL FORMAT OF OPENING ENTRY

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