Question

Himanshu chauhan started a business with cash rs 1500000 ,furniture 10000, and goods at rs60000

Answer 1

Answer:

bank(or cash) a/c dr.         15,00,000

furniture a/c dr.    10,000

purchases a/c dr.  60,000

                         To capital a/c     15,70,000

Explanation:

according to the rule, cash, furniture and stock(purchases) is coming into the business, and hence, is debited.

Answer 2

Journal entry

Explanation:

                                  Books of Himanshu chauhan

                                      Journal Entry

Date         Account Title and Explanation       Debit   Credit

               Cash / Bank                       A/c Dr. 1,500,000

               Furniture                            A/c Dr.     10,000

               Stock                                  A/c Dr.      60,000

                To Capital                          A/c                       1,570,000

        (Being Business start with cash, furniture and stock)

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