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Greetings, sir.
I would like to just double check with you about my understanding of T account.
if in JAN, my T account is cr balance, in Feb, my T account will have an dr opening balance, and vice versa, correct?
many thanks
finnick
No.
In January, the balancing figure will be on the credit side, but this is carried forward always to the debit side. Therefore January ends with a debit balance and February starts with a debit balance.
This is all explained in my free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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