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• # 111770
• Sun 29 Nov 2015 12:37 PM

Hi,

I'm working my way through Level 3 and am really stuck on the opening balances for the Trial Balance at the start of a new year.  Do I just tranfer the accounts that are left open on the balance sheet and non of the expense accounts on the T,P & L account?  That's how I undertsnad it to be but I can't make my TB add up???

• Tara Bolton

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• # 111771
• Sun 29 Nov 2015 12:38 PM

TJB said:

“

Hi,

I'm working my way through Level 3 and am really stuck on the opening balances for the Trial Balance at the start of a new year.  Do I just tranfer the accounts that are left open on the balance sheet and none of the expense accounts on the T,P & L account?  That's how I undertsnad it to be but I can't make my TB add up???

”

• Tara Bolton

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• # 111772
• Sun 29 Nov 2015 03:13 PM

TJB said:

“

TJB said:

“

Hi,

I'm working my way through Level 3 and am really stuck on the opening balances for the Trial Balance at the start of a new year.  Do I just tranfer the accounts that are left open on the balance sheet and none of the expense accounts on the T,P & L account?  That's how I undertsnad it to be but I can't make my TB add up???

”

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 Hi Tara

At year end the Iincome ststement balances  are wiped which leaves the balance sheet balances . These balance sheet balances form the Opening TB. Hope ghiz helps

Kind Regards

Paula Welsh

• Hello all,
  
  i just noticed we have a forum, just poking around the members area.  My name is Paula welsh and I have been a member since 2005, starting with Associate member and now a full member

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