The answers to your questions aren't quite as simple as you may think. The opposite side of all entries depends on the rest of the Trial balance. E.g. Dividends when they are paid are a debit but the credit could be bank or directors loan account depending on circumstances.
Are you writing the ledgers up manually or using computer software? Can you give a little more information
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
my accounting period ends at 31.03.11 at that moment I had in the bank 116,000 so when I am doing my T accounts, where should I put this amount, the bank account? and what is the other side of double entry?
about dividens, they were paid to shareholders but this for previuos year but was paid this year...
the main problem I have is with the debtors from previuos tax year, they still did not pay the money. where should I put them in T accounts?
So when you close off the books to 31.3.11, you should have transferred all the profit and loss accounts (income and expenditure) to retained earnings. This should then leave you with a closing balance sheet.
The Balances as at 31.3.11 becomes the Opening balances on your T Accounts for 1.4.11. Remember the profit and loss account runs for 12 months but the balance sheet is cumulative over the life time of the business.
By definition the Balance Sheet is Assets - Liabilities = Capital. As Cash at Bank and Debtors are both Assets, you need to write up the rest of the Balance Sheet for the Liabilities, Capital and any other Assets into your T Accounts.
HTH.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
just another question - again in T accounts, could you explain about purchases and stock? Is my purchases the same as stock, should I use the same T account for it? i am not making anything - just reselling ...
Purchase is what you buy in the period and stock is what you have left at the period end.
Stock is a period end adjustment when preparing your accounts.
You should open 2 t accounts for stock (one for the profit and loss and one for the balance sheet).
You would debit your balance sheet stock t account with the closing stock and credit the profit and loss t account.
When you close off your t accounts for the period your profit and loss t account would be transferred into the profit and loss reserve t account and the balance sheet stock account would be transferred to an opening stock profit and loss t account ie credit the balance sheet stock t account and debit the opening stock profit and loss t account.
