Give journal entry * Started business with cash rs 1000000of which 25% amount borrowed from wife
Answers
Answer:
ne 1: Gaurav started business with Rs. 10,00,000 of which 25% amount was borrowed from wife.
June 4: Purchased goods from Aniket worth Rs. 40,000 at 20% Trade Discount and 1/5th amount paid in cash.
June 7: Cash purchases Rs. 25,000.
June 10: Sold goods to Vishakha Rs.30,000 at 30% Trade Discount and received 30% amount in cash.
June 12: Deposited cash into bank Rs. 20,000.
June 15: Uninsured goods destroyed by fire Rs. 5,500.
June 19: Received commission Rs. 3,500. June 22: Paid to Aniket Rs. 25,500 in full settlement of A/c.
June 25: Cash stolen from cash box Rs. 1,000.
June 27: Received from Vishakha Rs. 14,500 and discount allowed Rs. 200.
June 30: Interest received Rs. 2,400 directly added in our bank account
Answer:
As a start, your asset will increase as well as your equity which makes it...
Cash A/c D.r. 10,00,000
To Owner's Capital A/c 10,00,000
Since, the 25% came from the wife and is personal (not necessary to be recorded), it is only recorded as the owner's capital regardless on whom it came from.
Explanation:
Financial transactions that move into and out of your business ar recorded in journal entries.
All of those transactions ar unbroken within the general journal, that is that the company's book.
In the accounting cycle, journal entries ar the initial stage.
The most necessary issue to recollect regarding accounting journal entries is that all of them use the double-entry system.
Whenever you produce associate accounting group action, a minimum of 2 accounts square measure continuously wedged, with a accounting entry being recorded against one account and a credit against the opposite account. If a group action weren't in balance, then it might not be attainable to form monetary statements.
Drawings journal entry
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