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What is the importance of Historical Balances?
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- Historical balances are those balances which are carried forward from the past year activities and they form the opening balances of the new financial year. Without the historical balances you cannot know about the correct position of equity, liability and various assets of the company.
- Historical balance account = assets – liabilities – already accounted for equity amounts.
- Historical balances account need to be adjusted according to the profit and loss account balances, and if there remains a balance after settlement then that represents the prior fiscal year balance. This balance needs to be adjusted. As per the situation you can either debit it by passing a journal entry or credit it to the retained earnings or other equity accounts.
- The historical balances help in tracking the difference between the opening balances for assets accounts and the opening balances for liability and equity accounts.
- The historical balances are adjusted so that a correct and clear picture of the current financial year can be obtained.
- This concept is of extreme importance for all the finance and accounting students because by this concept you will be able to know the correct financial position of the company in the present time.
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