Question

Pass journal entries for the following transaction and post them to ledger dharma started business with cash 70000cash received from ganesan 10000 rent paid3000 received commission from Anand 5000

Answer 1

Answer:

          cash ac dr 70000

               to capital ac            70000

[being capital introduced]

cash ac dr 10000

       to ganesan ac    10000

[being cash received from ganesan]

       rent ac dr 3000

           to cash ac      3000

[being rent paid]

     cash ac dr5000

            to commission ac 5000

[being commission received]

Explanation