Question

started.businesswithcash200000
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Answer 1

Answer:

Given Transactions :-

• Started business with cash 200000.

To Find :-

• Journalise the following transactions.

Answer :-

➲ Cash A/c . . . . . . . . Dr. 200000

➲ To Capital A/c 200000

Narration :

(Being business started with cash.)

EXTRA INFORMATION

✫ Journal :

• Journal is a book of primary entry or a book of original entry in which transactions are first recorded in a chronological order, i.e, in the order or sequence they are entered

✫ Characteristics of features of Journal :

1. A journal is a daily accounting record.
2. It contains the day-to-day transactions in chronological order.
3. It provides a prelist total of the entries to be posted in the ledger.
4. It records both debit and credit parts of a transactions by using double entry system.

Answer 2

Answer:-

■ The given transactions are analysed according to traditional Approach as under:-

• ✠ Transactions:-

☆ Started business with cash ₹2,00,000.

• ✠ Accounts involves:-

1) Cash A/c Dr. 2,00,000

2) To Capital A/c 2,00,000

• ✠ Nature of Accounts:-

1) Cash A/c —> Real Account

2) Capital A/c —> Personal Account

• ✠ How affected in business:-

1) Cash A/c —> Cash comes in

2) Capital A/c —> Capital is the giver

• ✠ Accounts Debited and Credited:-

1) Cash A/c —> Debited

2) Capital A/c —> Credited

• ✠ Narration:-

[ Being Started business with cash ]

✠ Extra Information:-

✠ Journal Entry:-

• Journal is the book of original entry in which business transactions are recorded in chronological order, that is in the order of occurrence.

• Transactions are recorded for the first time in the Journal.

• Record of business transactions in the journal is known as Journal entry.