ECONOMICS

Detailed explanation-1: -The Opening Balance is the amount of cash at the beginning of the month (1st day of month). The Closing Balance is the amount of cash at the end of the month (last day of month). The Closing Balance is calculated by the following equation: Closing Balance = Opening Balance add Total of Income less Total of Expenditure.

Detailed explanation-2: -Opening balance-the opening balance is the amount of money a business starts with at the beginning of the reporting period, usually the first day of the month: opening balance = closing balance of the previous period.

Detailed explanation-3: -Closing balance = Opening balance + Receipts-Payments.

Detailed explanation-4: -The closing balance is the opening balance plus the principal payment being made, which is =E29+E32. The opening balance for period 2 is the closing balance for period 1, which is =E33. 4. Copy all formulas from cell E29 to E33 to the next column, then copy everything to the right.

Detailed explanation-5: -For example, the positive or negative amount that you have in an account at the end of June 30, say Rs. 10, 000 will be the closing balance for that account. Now, this amount will be the same at the start of July 1 for that account and it will become the opening balance on July 1.