Question

Business commenced with cash rs 50000,goods worth rs40000,and rs 100000 borrowed from mohan .what is the journal?

Answer 1

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Answer 2

Cash. A/C. Dr. Rs.1,50,000

Purchases A/C. Dr. Rs.40,000

To Loan from Mohan A/C. Rs.1,00,000

To Capital A/C. Rs.90,000

(Being capital brought in the form of cash and goods and loan borrowed from Mohan)