Question

what is the journal entry of rs.500 paid for opening ceremony of business​

Answer 1

Answer:

sorry don't know. ........................

Answer 2

Answer:

Office exp. A/c Debit Rs 500 Cash A/c Credit Rs 500.

Explanation:

In case of company, Expenses incurred before commencement of business should be debited to pre-operative expense. Such pre-operative should be amortized during the next five years.