Opening Balances without Trial Balance - Can I use P&L and or Balance Sheet

Due to computer problems I only have the P&L and Balance sheet from previous years accounts. Can I use this information to create opening balances?

I’m trying to complete accounts for 2012/13 so need to bring forward totals from 2011/12.

Help appreciated please :smile:

on the first day of accounting year 2012/13, you can use the Balance sheet figures for 2011/13
Usually the Balance sheet figures are the brought forward balances.

Hope this helps

I have come across a similar complication and this thread sounds relevant so I think its better to post here.

My year end carry forward balance from last year 11/12 accounts is - say 1200. As I understand it should be recorded as Opening balance for new year 12/13. By doing so, a journal is created stating 1200 Debit in Current Bank account (1200) and 1200 Credit Suspense account (9998).

My question is about this Credit entry for account 9998, should it remain under this account always or should I record it towards some other nominal account (considering this is the profit of company at the end of last year 11/12).

And if it remains under “Suspense Account” then my year end P&L (for 12/13) shows this amount against “suspense account”, is it actually fine?

Any positive feedback and replies will be much appreciated.

Thanks