Question

Write journal entries for the following transactions and explain accounting treatments based on equation. (1) Brought ` 50,000 in cash and commence business. (2) Goods of ` 8,000 purchased from B. (3) ` 6,000 paid for wages.​

Answer 1

Answer:

journal entry

Explanation:

1. started bussiness with cash 50000 and capital 50000
2. cash -8000 capital + 8000
3. -6000 cash + 6000 capital

Answer 2

Answer:

cashA/c. Dr. 50,000

to capital A/c. 50,000

2)purchaseA/c. Dr. 8000

to cashA/c. 8000

3.wagesA/c. Dr. 6000

to asha/c. 6000