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How do you record transactions into the journal, if opening balances were provided such as Stock, Capital, Debtors, Creditors, VAT control etc. Kindly assist with

How do you record transactions into the journal, if opening balances were provided such as Stock, Capital, Debtors, Creditors, VAT control etc.

Kindly assist with an example step by step?

On 1 January 2007, Madusko traders had the following balances:

Stock

Capital

R 1 500 2 287 Bank (favourable) 1 200 VAT control (Cr.) 900 Debtors: A. Ndlovu 171 Creditors: F. Benetts1 197 B. Smith 855 P. Chen 342

Furniture

1 000

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