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Opening Capital of Business - Needed for Balance Sheet

  • Add up total Assets on 1st day of year
  • Take away total Liabilities on 1st day of year
  • Assets - Liabilities = Capital
  • REMEMBER if given cash book summary the opening balance for that should be included in either opening assets/opening liabilities
  • If new capital added during year - Will appear on debit side of cash book summary - Should be added to Opening capital figure included in Balance Sheet

Sales to Credit Customers

  • Prepare Sales Ledger Control A/C using opening and closing debtor balances + receipts from customers in cash book summary.
  • Add other entries such as bad debts and discount allowed if needed
  • Sales figure will be the balancing amount

Purchases from Creditors

  • Prepare Purchase Ledger Control A/C using opening…


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