Received on account from bhushan 1000
Answers
Answer:
Cash account... Dr
To Bhushan
Answer:
Cash account... Dr 1000
To Bhushan 1000
The Cash account is debited (and another account is credited).
Explanation:
Cash Purchase Journal Entry, is the accounting entry made in the books of accounts, to record purchase of goods by paying for it at the time when the goods are acquired.
when the cash comes in, we debit the Cash A/c and Credit the capital A/c adhering to the rules of Real Account and Personal Account which says” Debit what comes in whereas credit the giver. The capital invested in the business is a liability to the firm/concern and so it is credited.
Started business with cash journal entry records the initial Capital brought into the business. We will record it by debiting the cash against credit to the capital account. Per Golden Accounting rules, we will debit the cash as its coming into business and credit the Capital GL as its the giver.
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