Very rarely would anyone start recording their accounting with zero assets or liabilities. Question is - under which account would you record them? Specifically, if you own property, you would debit
Assets - Property, but what would you credit? (I'm assuming not cash, since the actual transaction would have happened some time ago).
Similarly, if you have an outstanding liability (say, a loan), you would credit your
Liabilities account, but what would you debit?
Would an account like "Beginning Balances" make sense?