Question

The following balances existed in the books of Rohit Traders as on 1st January, 2019
Assets: Cash 1,50,000; Debtors 50,000 (Utkarsh 10,000; Madhav 12,000; Dhruv 28,000):
Furniture 30,000; Machinery < 80,000;
Liabilities: Creditors 70,000; Bank Loan 20,000
Pass the Opening Entry.​

Answer 1

Explanation:

cash a/c dr. 150000

Utkarsh dr. 10000

Madhav dr. 12000

Dhruv. dr. 28000

furniture a/c dr. 30000

machinery a/c dr. 80000

to creditor. 70000

to bank loan. 20000

to capital a/c. 220000