Question

Commenced business with cash. ₹90000

Answer 1

The Journal entry for Commenced Bussiness with cash is

Cash A/c ====== Dr. ₹ 90, 000
To Capital A/c ==========Cr. ₹ 90,000

( Being Commenced Bussiness with cash ).

Answer 2

Cash A/c … Dr      - 90000

To Capital A/c      -       90000

Explanation:

Money is an asset. At the point when you bring money into the business, it increases. As per the modern methodology of bookkeeping, all increments in assets are debited. As indicated by the traditional methodology, cash account is a real asset. The standard for genuine records is, ‘debit what comes in, credit what goes out'. In this way, cash account is Debited.

Likewise, all increments in capital are attributed by the advanced or modern methodology. As indicated by the customary or traditional methodology, capital is an personal account. Its standard is, ‘debit the receiver, credit the giver’ Hence we credit capital a/c.

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