Question

Rajkumar started business with cash rupees 200000 building rupees 200000 and borrowed loan from Rakesh rupees 15000 journalise the transaction​

Answer 1

Answer:

Explanation:

In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this can be calculated as:

Opening Capital                                  Rs.200000

Add: Capital Introduced                     Rs.200000

Add: Profit for the year                      Rs. 250000

Less: Loss for the year                       Rs.NIL    

Less: Drawings                                   Rs. 30000

                                                         --------------------

Capital at the end of the year          Rs.620000

                                                         -------------------

Loan taken is a liability and loan given is asset, that will not affect the capital.

Answer 2

Answer:

journilise the following transaction in the book of M/s rajkumar