Question

Rahul intends to develop a mobile app which creates and tracks personal budgets. He has registered
a startup business by the name of Rahul Tech to fulfill his aim. The entity was registered on 1st Apr,
2019 and at the end of the month, the following transactions were identified. Rahul wants journal
entries for to be passed for these transactions and have contacted you for help. Review the
transactions and pass journal entries accordingly for the month of April.
Transactions:
Date
1st Apr
Transaction
Rahul deposited Rs. 10,00,000/- from his personal savings and borrowings into the
business bank account.
1st Apr
Company registration charges of Rs.7.500/- were paid to registration consultant from
business bank account.
1st Apr
Rahul hires a developer for monthly salary of Rs.15,000/-
2nd Apr
Withdrew cash Rs. 1,00,000/- from Business Bank account. This cash would be used for
incurring day to day cash expenses of the business.
3rd Apr
30 Apr
Purchase of computer equipment worth Rs.200,000/- through cheque.
Office premises is taken for a monthly rent of Rs.9,300/- payable at the start of each
month. Full rent for the month of Apr is paid by cheque. Real Estate agent's
commission of Rs. 5,000/- is paid in cash.
4th Apr
Rahul withdrew Rs. 2,000/- from the business bank account for groceries for his home.
30th Apr
Salary for Apr was paid to the developer by online transfer to his bank account.​

Answer 1

Answer:

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