virat started business with cash Rs.50000,at bank of India Rs.7000, furniture Rs.10000 in ledger
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Journal entry of the business started by the Virat.
Explanation:
After preparing the journal entries, it is summarized in the book of the ledger. It is also known as the second book of entries.
1. Cash brought into the business.
Cash accounts debited by Rs. 50000 to capital account.
2. Bank balance.
Bank account debited by Rs 7000 to cash account.
3. Furniture.
Furniture account is debited by Rs 10,000 to cash account/furniture seller's account.
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