Question

Classify the following account as per Modern Approach
b.
Capital brought in
Carriage inward paid
Conveyance charges
Bad debt recovered
d.​

Answer 1

Answer:

Journal Entry

Cash A/C Dr...

To Capital A/C

(Being the Cash introduced in Business as Capital)

Carriage Inward A/C Dr...

Conveyance Charges A/C Dr...

To Cash A/C

(Being Carriage Inward and Conveyance Charges paid)

Cash A/C Dr...

To Bad debts recovered A/C

(Being bad debts had recovered)

Explanation:

Always remember that :-

when Cash is increased, it should be debited and when cash is decreased, it should be credited.

And Carriage Inward and Outward both are the transportation expenses for the business , inward is incurred on purchasing raw materials or goods from the wholesalers and outward is incurred on selling of goods .

So, Carriage Inward and Outward both should be debited in the books of accounts.

hope it may help you....

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