How do you recognise the opening balances of assets?
See the suggested answer to practice activity 8.4 here.
Suggested answer to practice activity 8.4
First, the question must state at least two dates. The opening balances of assets are synonymous with the former, previous or penultimate date.
For example, there are two sets of balances of assets. The first set is dated 31 December 2018 and the second set is dated 31 December 2019.
The opening balances of assets are synonymous with the former, previous, and penultimate date, that is, 31 December 2018.
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