Question

He started business by bringing up ₹1, 20,000 find journal entries

Answer 1

Answer:

Bank A/c ...Dr. 1,20,000

To Capital A/c 1,20,000

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Answer 2

Answer:

cash account Dr 120000

to capital account Cr. 120000

Explanation:

golden rule: Dr :what comes in

Credit : what goes out

cash comes in the business so Debit the cash

and also debit: all the assets

Credit : all the liabilities

as capital is the liability of a business towards the owner so credit the capital.