Question

State the types of two accounts involved in the following transaction.
1) Commenced business with Cash 70,000.
(i) Cash Alc
(ii) Capital A/C​

Answer 1

1.cash A/c

2.commenced bussines with cash 70,000

Answer 2

Answer:

1) cash a/c - real a/c - debit

2) capital a/c -personal a/c - credit