Question

Commenced business with Rs50000

Answer 1

Cash A/c debited 50000
To capital A/c. 50000

Answer 2

Entry for this transaction would be

Cash a/c debited Rs 50000

To Capital a/c Rs 50000

(Being Business commenced with cash)

Explanation:

Golden Rules of accounting

Personal a/c

Debit the receiver

Credit the giver

Real a/c

Debit what comes in

Credit what goes out

Nominal a/c

Debit all losses and expenses

Credit all incomes and gains

or otherwise simply see whether there is increase in asset if there is increase in asset debit it, decrease in asset credit it . increase in liability credit it,decrease in liability debit it.