Question

commenced business with cash ₹ 175000 furniture worth₹15000 and goods worth ₹ 1000 plz make journal entry​

Answer 1

Answer:

cash dr 175000

furniture dr 15000

stock dr 1000

to capital 196000

Answer 2

Answer:  Journal entry would be-

                Cash A/C            ....Dr.  175000

                Furniture A/C    ....Dr.  1500

                Purchases A/C  ....Dr.   1000

                         To Capital A/C   191000

                  (Being Business Commenced)

Explanation: As per modern classification-  

                     Cash A/C and Furniture A/C is debited due to increase in

                      assets while purchases A/C is debited due to increase in

                      Expense. Capital A/C is credited due to increase in capital.