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Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise?
Most Upvoted Answer
Vimal and Ram commenced business with cash 60000 for which vimal contr...
Debit Cash ₹60000
Credit Capital ₹50000
Credit Loan from Kamal ₹10000
Any borrowed fund is not a part of equity or capital. So, it is shown separately.
Credit Capital ₹50000
Credit Loan from Kamal ₹10000
Any borrowed fund is not a part of equity or capital. So, it is shown separately.
Community Answer
Vimal and Ram commenced business with cash 60000 for which vimal contr...
Journal Entry:
Explanation:
- Debit Cash Account with 60000
- Credit Vimal's Capital Account with 30000
- Credit Ram's Capital Account with 20000
- Credit Kamal's Loan Account with 10000
Explanation:
- Vimal and Ram started a business with a cash investment of 60000.
- Out of the total investment, Vimal invested 30000 and Ram invested 20000.
- They also borrowed 10000 from Kamal.
- The Cash Account is debited with 60000 as cash is an asset, and the business receives cash.
- Vimal's Capital Account is credited with 30000 as he invested this amount in the business.
- Ram's Capital Account is credited with 20000 as he invested this amount in the business.
- Kamal's Loan Account is credited with 10000 as the business borrowed this amount from Kamal.
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Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise?
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Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise?.
Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vimal and Ram commenced business with cash 60000 for which vimal contribute 30000 and Ram 20000 and borrowed 10000 from Kamal.journalise?.
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