Ram mohan started business with case
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Answer:
Given Transactions :-
- Ram Mohan started business with cash.
To Find :-
- Journalise the following transactions.
Solution :-
Transactions :
◕ Ram Mohan started business with cash.
Here, the two accounts will be Cash A/c and Capital A/c.
Cash A/c - Real A/c - What comes in - Dr.
Capital A/c - Personal A/c - Giver - Cr.
➲ Cash A/c . . . . . . . . . Dr.
➲ To Capital A/c
Narration :-
(Being business started by Ram Mohan with cash)
EXTRA INFORMATION :-
❒ Golden Rules :
❶ Personal Accounts :-
➵ Debit - Receiver
➵ Credit - Giver
❷ Real Accounts :-
➵ Debit - What comes in
➵ Credit - What goes out
❸ Nominal Accounts :-
➵ Debit - Expenses, Loss
➵ Credit - Income, Gain
❹ Valuation Accounts :-
➵ Debit - When account to be decreased
➵ Credit - When account to be increased
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