Question

state the whether the following are business transactions , jasbir singh started business with stock rupee 40,000 and furniture rupee 10,000
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Answer 1

Answer:

in capital account

Explanation:

Stock a/c. Dr. 40000

furniture a/c Dr. 10000

To capital a/c. 50000

Answer 2

Answer:

Yes. It is a business transaction.

Explanation:

According to this question, jasbir singh started business with stock and furniture

Journal entry for it as follows

1. Stock  a/c......... Dr                         40000

   Furniture a/c............Dr                   10000

                      To capital                                              50000

(being business started with stock and furniture)