Question

started business with cash rs.60000/-.​

Answer 1

Answer:

(i) Commenced business with cash ₹ 60,000. (ii) Paid Rent in Advance ₹ 500. (iii) Purchased goods for Cash ₹ 30,000 and Credit ₹ 20,000. (iv) Sold goods for Cash ₹ 30,000 Costing ₹ 20,000.

Answer 2

In Accounting Equation,

you will add ₹60,000 in Cash(Assets) and ₹60,000 in Capital.

For Journal Entries, it will be

Cash A/c (debit)

To Capital A/c (credit)