Question

Write journal entries for the following transaction and explain accounting treatments based on equation:
1)Commenced business with capital of ` 80,000.
2)` 20,000 deposited with bank and opened account.
3)Goods of ` 40,000 purchased from Himani on credit.
4)Goods of ` 30,000 purchased for Cash.​

Answer 1

1. Cash a/c Dr. 80000
To capital a/c 80000
2. Bank a/c Dr. 20000
To cash a/c 20000
3. Purchases a/c Dr. 40000
To Himani a/c 40000
4. Purchases a/c Dr. 30000
To cash a/c 30000
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