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Hello Proffessor,
I am preparing for FA exam in 2 weeks, and I have a question.
Did I understand this correcctly, that on reeceivables ledger opening baalnce goes on Debit side, and closing on credit side? And on Payables ledger, opening balance goes on Debit side, and closing balance on debit side?
Thank you
For receivables the opening balance is on the debit side.
The closing balance appears on the credit side of the account as the balancing figure (and is carried forward to the debit side as the opening balance of the next period.All in reverse for the payables account.
This is all explained in my free lectures.
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