what is the journal entry for mr x commenced his business by transferring\ Rs. 5,00,000 from his savings A/c to
the current account of the business.
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Answer:
Journal Entry are two option
Explanation:
first by increasing capital
(1) Bank A/c .... Dr. (Business Current A/c)
To Capital A/c
(Being cash introduced in business)
(2) Bank A/c.... Dr. (Business Current A/c
To Bank A/c... (Saving Account)
(Being Amount transfer to current account from saving)
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