Work in Progress Simulation d1964

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tennyson
tennyson Registered Posts: 4 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Ok i need help!! we got the above simulation asd homework, i think maybe its from a previous year an im totally stuck!! On the main ledger balances they give us a balance of 22138.00 for work in progress. On the etb there are 2 balances to enter 1 is for opening work in progress and the other is closing work in progress!! What is it, how do i know what is opening and closing and which is debit/credit?????:lol:

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  • Spring Flower
    Spring Flower Registered Posts: 14 New contributor 🐸
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    Hi,

    The opening bal is the closing bal of the last year or month.
    and the closing bal is the balancing figure of the current year or month ledger accounts.

    For Instance;

    £4,000.00 is closing bal as at 2006,
    therefore £4,000.000 is now op bal for 2007.


    Debit/ credit

    Op bal- Dr trading P&L a/c
    Cl bal -Cr trading P&L a/c.

    2nd effect for Cl bal - Bal sheet Current assest

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