Question

Show the effect of following transactions on accour
(i) Sukhbir started business with bank balance 70,000
(ii) Taxes collected from the customers 15,000
111) Bank charges 1,000​

Answer 1

Answer:

Journal entries for the above questions...

(i) Bank A/c ....Dr. 70000

To Capital 70000

(Being capital introduced)

(ii) Bank A/c ....Dr. 15000

To Tax A/c 15000

(Being tax collected)

(iii) Bank Charges A/c ...Dr. 1000

To Bank A/c 1000

(Being Bank charges debited)