Question

Rahul started business with 30,00,000 which he arranged by getting a loan of rs 20 lakh

Answer 1

Complete question:

Rahul started business with 30,00,000 which he arranged by getting a loan of 20 lakhs from his father and 10 lakhs from a bank @ 12% p.a. He bought machines for 15 lakhs, raw material for 7,80,000 and paid rent of  12,000 during the year.

Solution:

1 - cash a/c          Dr.        20,00,000

   Bank a/c         Dr.        10,00,000

        To Capital a/c                                  30,00,000

( being business started)

2 - Purchase a/c   Dr.      22,80,000

                To Machinery a/c                  15,00,000

             To Raw material a/c              7,80,000

( being asset purchase)

3 - Rent a/c            Dr.     12,000

          To Cash a/c                            12,000

( being rent paid)

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