Question

Akshay had the following transactions:
1.Commenced business with cash2,50,000
2.Purchased goods for cash1,00,000

Answer 1

2.Purchased goods for cash1,00,000

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Answer 2

The journal entries for both the transaction is given below.

Explanation:

1. Cash A/c Dr. 250000

     To Capital A/c  250000

This is the entry for the commencement of business. Here we need to debit the cash account and credit the capital account.

2.  Purchase A/c Dr. 100000

            To Cash A/c    100000

This entry is for purchase of goods . we debited the purchase account as it is our expense. And we credited the cash account as we paid cash for the purchase.