Question

. Ramakant Trivedi had the following assets and liabilities on 1st April
2013. Cash in hand 800; Cash at Bank 15,600; Stock 15,000;
Furniture & Fixtures 9,600; Plant and Machinery 30,000; S. Debtors
* 8,000; S. Creditors 8,000; Bills Payable 5,000.
Pass the necessary opening entry.
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Answer 1

Answer:

Entry will be:

Cash In Hand A/C Dr. 800

Cash at bank A/c. Dr. 15,600

Stock. A/c. Dr. 15,000

Furniture. A/C. Dr. 9,600

plant and machinery Dr. 30,000

Debtors. Dr. 8,000

To capital A/C ( Bal Fig) 66000

To Creditors. 8000

To Bill's payable. 5000

Assets= liabilities - capital

therefore, Capital = Assets - liabilities I.e

Capital = 79000 - 13000

i.e ₹66,000

Answer 2

cash in hand. Dr. 800

Cash in bank. Dr 15600

Stock. Dr. 15000

Furniture &fixtures a/c. Dr. 9600

Plant & machinery. A/c. Dr. 30000

S debtors a/c. Dr. 8000

To S creditors a/c. 8000

To B/P. A/c. 5000

To capital a/c 66000