Question

Rahim commenced business.. 160000 with cash goods worth Rs.80000 and furniture........... 30000​

Answer 1

Answer:

goods a/c Dr 80,000

furniture a/c Dr 30,000

to cash a/c 11,000

Answer 2

Cash A/c                           ----dr                               160000

Purchases A/c                  ----dr                              800000

Furniture A/c                    ----dr                                30000

       To Capital A/c                                                                   270,000

(being capital brought into the business in form of cash, furniture, and goods.)

GIVEN: Rahim commenced business. 160000 with cash goods worth Rs.80000 and furniture 30000​
TO FIND Journal Entry for the transaction given in the question.
SOLUTION:

As we are given in the question,

Rahim is starting his business by investing capital in form of cash, goods, and furniture.

In this question,

The golden rule of accounting along with a double entry algorithm will be used where it can be seen that we always debit what comes in and cash, goods, and furniture are brought into the business.

Therefore,

The Journal entry for Business started by Rahim and capital brought in the form of cash, goods, and furniture will be as follows:

Cash A/c                           ----dr                               160000

Purchases A/c                  ----dr                              800000

Furniture A/c                    ----dr                                30000

       To Capital A/c                                                                   270,000

(being capital brought into the business in form of cash, furniture, and goods.)

#SPJ2