Opening Entries

Opening Entries are the entries When a businessman wants to open the book for a new year, it is necessary to Journalise the various assets and liabilities before the new accounts are opened in the ledger. The journal entries so passed are called “opening entries”. Opening entries are the starting entries of a new company.

Journal Proper

Journal Proper: Learning Objectives: Define and explain journal proper. When a journal proper is used? Definition and Explanation: Journal proper is book of original entry (simple journal) in which miscellaneous credit transactions which do not fit in any other books are recorded. It is