Seems you forgot to define proper relationship between query and subquery:
SELECT a.item, a.open_stock, a.inward, a.outward, a.open_stock + a.inward - a.outward as balance
FROM (select item,
(
select (SUM(q_in) - SUM(q_out))
from sale_table
where date >= '2016-08-25' and date <= '2016-08-31' and item = first.item
) as open_stock,
SUM(q_in) as inward,
SUM(q_out) as outward
from sale_table As first
where date >= '2016-09-01' and date <= '2016-09-10'
group by first.item) AS a