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• # 85937
• Sun 14 Oct 2012 02:44 PM

Hi,

I am on level 1 assignment 2 (i would post this in the level1 chatroom but ideal schools havent told me how i get to upgrade my membership yet!!)


My Dr and Cr do not balance but some of the account start with an opening balance as a debit (cash, premises, motor van, shop equip), so how do i balance these? are they creditted to an equity account?


Any help would be very much appreciated!!

Many thanks,

Amy         

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• # 85978
• Mon 15 Oct 2012 07:55 PM

Hi Amy,

It's a little while since I did Level 1 with Ideal, so the questions may have changed a bit, but are you talking about question 3?  Are you doing a Trial Balance?  Opening debit balances on an account that have no other entries during the year are just balanced off by entering a credit to the account as a balance c/d and then this is carried down to the debit side for the following year.

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