Question

Business started with Rs 250000 and cash deposited with bank Rs 150000

Answer 1

Answer:Cash A/c 100000

Bank A/c 150000

To Capital A/c 250000

Explanation:

Answer 2

Cash A/c                      -----Dr.                                  250,000

Bank A/c                      -----Dr.                                  150,000

                To Capital A/c                                                               400,000

(Being a business started with investing cash and bank deposit.)

GIVEN: Business started with Rs 250000 and cash deposited with bank Rs 150000.

TO FIND Journal Entry for the occurred transaction.

SOLUTION:

As we are given in the question,

The business firm commenced a business by depositing 150,000 in a bank account and 250000 brought into the business as cash.

In this question,

The golden rule of accounting along with a double entry algorithm will be used where it can be seen that we always what comes in, in this case, Cash and bank deposits are being brought into the business, and applying the rule of Credit is the giver, therefore, we credit the account of owner that is capital.

Therefore,

The Journal entry for Business started with Rs 250000 and cash deposited with bank Rs 150000  :

Cash A/c                      -----Dr.                                  250,000

Bank A/c                      -----Dr.                                  150,000

                To Capital A/c                                                               400,000

(Being a business started with investing cash and bank deposit.)

#SPJ2