Question

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.

Answer 1

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)