Question

Akash started business with cash 1,00,000 furniture 50,000 stock of goods 10,000

Answer 1

In the books of Akash :

Cash A/C. Dr. Rs 1,00,000

Furniture A/C. Dr Rs 50,000

Purchases A/C. Dr. Rs,10,000

To Capital A/C. Rs.1,60,000

(Being capital brought in the form of cash, stick and furniture)

Answer 2

Akash started the business with cash 1,00,000 furniture 50,000 stock of goods 10,000. Journal entry-

1. A journal is the original book of records.

2. Every transaction of a business is recorded in the books of journals.

3. Journal is the primary book where transactions are recorded and posted in the ledger.

4. The journal entry for the above transaction is-

  particulars                   amount in rupees

Cash a/c debit                   1,00,000

Furniture a/c debit              50,000

Opening stock a/c debit     10,000

To capital a/c                          1,60,000