Question

Amount transferred from personal bank account to firm's bank account journal entry​

Answer 1

Explanation:

When a transaction in cash or by bank is made from a personal account to business account, the only recording is made in business records.

Such an amount is treated as capital being issued if nothing else is stated.

Thus in this case the amount being received in bank is debited to business' bank account and since capital is being introduced it will be credited to capital account.

Answer 2

Answer:

Bank A/c Dr

To Capital A/c

Explanation:

when a transaction in cash or by bank is made from a personal account to business account, the only recording is made in business records.

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