Question

Velmurugan commenced business with furinture rs 2000 stock 12000 cash rs 6000 journal entry

Answer 1

heyaa,,,
it's journal entry will be;
furniture a/c Dr 2000
stock a/c Dr. 12000
cash a/c Dr. 6000
to capital a/c. 20,000.
(being business commenced by introducing furniture, stock, cash)

Answer 2

3 golden rules

personal accounts - debit the received and credit the giver

real accounts -debit what comes in and credit what comes out

nominal accounts - debit all the expenses and losses, credit all the income and gains

as per the question 4 accounts affected

furniture - real account , furniture comes into the business , therefore its debited

stock - real A/c , goods comes into the business , hence its debited

cash - real account , cash comes in into the business hence its debited

capital A/c - personal A/c , velmurugan is the giver to the business, he brings cash , furniture and stock therefore as per golden rules hes credited .

Journal entry

cash A/c Dr 6000

Stock A/c Dr 12000

Furniture A/c Dr 2000

To capital A/c 20000

(being cash ., stock , furniture brings into the business)

Hope its useful..!!

Journal entry