business of ax & co, tor running the following no.coo by vodke stated against a a) Acquired the Cash by taking over assents and liabitties at stock of Goods 15000 * furniture lenco Debtors machinery ble to out of 40,000 26 eo 10000 borrowed poyble fonen B them & creditors 12000 8000 7000 co * 19 but wood
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Explanation:
If the building, cash, plant, machinery and furniture are the initial contributions to start the business, the example journal entry would be:
Dr: Building - $100
Dr: Cash - $100
Dr: Plant - $100
Dr: Machinery - $100
Dr: Furniture - $100
Cr: Owner’s Equity (or Capital, depending on naming convention) - $500
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