PASS OPENING ENTRY INTO NEW ACCOUNTING SOFTWARE

  

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

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