enter the following transactions in journal and post them into ledger
2015
Feb 1 Business started with cash
Feb 4 Deposited cash into bank
Feb 7 Selaries paid
Feb 10 Purchased computer
Answers
Answer:
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Answer:
Golden rules of Journal
Personal account rule
Debit- the receiver.
Credit- the giver.
Real account rule
Debit- what comes in.
Credit- what goes out.
Nominal account rule.
Debit- all expenses and losses.
Credit- all incomes and gains.
Now
The journal entries will be :-
2015
Feb 1 Cash A/C DR
TO Capital A/C
(Being Business started with cash ₹80,000)
Feb 4 Bank A/C DR
TO Cash A/C
(Being Deposited cash into bank ₹18,000)
Feb 7 Salaries A/C DR
TO Cash A/C
(Being Salaries paid ₹15,000)
Feb 10 Computer A/C Dr
To Cash A/C
(Being computer purchased ₹25,000)