Started business with cash 75000 and goods 25000
Answers
Answer
Cash account. dr.75000
purchases account. dr.25000
to capital account. 100000
(being business started with cash and goods)
Answer:
Journal Entry
Explanation:
Cash account. dr. 75000
purchases account. dr. 25000
To capital account. 100000
(being business started with cash and goods)
A journal entry is the act of recording any transaction, whether one that is economic or not.
An accounting diary that displays the debit and credit balances of a corporation lists transactions. Several recordings, each of which is either a debit or a credit, may be included in the journal entry. The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.
Depreciation or bond amortisation are examples of recurring items that can be recorded in journal entries. Accounts payable normally has its own subledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software.
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