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
Ask the Tutor ACCA FA
T account
7y ago#1No.
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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