Question

journal entry
Kunal started business with following assets and liabilities:
Cash Rs. 5.00.000. furniture Rs. 100.000. Bank balance Rs. 5,00.000, Stock of Goods
Rs. 30.000. Creditors Rs.70.000​

Answer 1

Answer:

all assets are debit

and all liability are credited

Answer 2

Answer:

cash a/c dr 5,00,000

furniture a/c dr 1,00,000

bank a/c dr 5,00,000

stock alc dr 30,000

To creditors a/c 70,000

To Kunal's capital a/c 10,60,000

(Kunal commenced business with cash,stock,furniture,bank balance)