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Prepare a journal, ledger and trial balance of the following transactions of moti lal :2014 moti kal starts a business with RS 10,000 cash and a building worth RS 50,000. ?
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Prepare a journal, ledger and trial balance of the following transacti...
Journal, Ledger, and Trial Balance of Moti Lal's Transactions
Transaction Details
On January 1, 2014, Moti Lal starts a business with RS 10,000 cash and a building worth RS 50,000.
Journal Entries
- Debit Cash Account with RS 10,000
- Debit Building Account with RS 50,000
- Credit Capital Account with RS 60,000
Ledger Accounts
There are two Ledger Accounts for this transaction:
Cash Account
| Date | Particulars | L.F. | Amount | Balance |
|---|---|---|---|---|
| Jan 1, 2014 | To Cash A/C (Being cash introduced in business) | Dr. | 10,000 | 10,000 |
Building Account
| Date | Particulars | L.F. | Amount | Balance |
|---|---|---|---|---|
| Jan 1, 2014 | To Building A/C (Being building introduced in business) | Dr. | 50,000 | 50,000 |
Trial Balance
The Trial Balance of Moti Lal's business after this transaction is as follows:
| Account | Debit | Credit |
|---|---|---|
| Cash Account | 10,000 | - |
| Building Account | 50,000 | - |
| Capital Account | - | 60,000 |
| Total | 60,000 | 60,000 |
Explanation
In this transaction, Moti Lal introduces RS 10,000 cash and a building worth RS 50,000 in his new business. The Journal Entry for this transaction debits Cash Account and Building Account and credits Capital Account. This means that the business has received assets in the form of cash and building, and these assets are owned by the owner, which is reflected in the Capital Account
Community Answer
Prepare a journal, ledger and trial balance of the following transacti...
1. Cash a/c. 10000
To capital a/c. 10000
2. Building a/c. 50000
To purchase a/c. 50000
To capital a/c. 10000
2. Building a/c. 50000
To purchase a/c. 50000
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Prepare a journal, ledger and trial balance of the following transactions of moti lal :2014 moti kal starts a business with RS 10,000 cash and a building worth RS 50,000. ?
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