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Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000?
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Journalise the following transactions of m/s hari and Bros 2010 July 1...
Journal Entries for M/s Hari and Bros Transactions:
1. Business Started with 2,00,000 and Cash Deposited in Bank 60,000:
Debit: Cash Account Rs. 60,000
Debit: Bank Account Rs. 1,40,000
Credit: Capital Account Rs. 2,00,000
2. Machinery Purchased on Credit from 'A' 40,000:
Debit: Machinery Account Rs. 40,000
Credit: 'A' Account Rs. 40,000
Explanation:
- M/s Hari and Bros started their business with a capital of Rs. 2,00,000, out of which Rs. 60,000 were deposited in the bank account, and the rest was kept in cash. Therefore, we will debit the cash account with Rs. 60,000 and bank account with Rs. 1,40,000 and credit the capital account with Rs. 2,00,000.
- The company purchased machinery from 'A' on credit for Rs. 40,000. Therefore, we will debit the machinery account with Rs. 40,000 and credit 'A' account with the same amount.
Note: Always maintain the accounting equation of Assets = Liabilities + Capital. In every transaction, the total amount of debits should be equal to the total amount of credits.
1. Business Started with 2,00,000 and Cash Deposited in Bank 60,000:
Debit: Cash Account Rs. 60,000
Debit: Bank Account Rs. 1,40,000
Credit: Capital Account Rs. 2,00,000
2. Machinery Purchased on Credit from 'A' 40,000:
Debit: Machinery Account Rs. 40,000
Credit: 'A' Account Rs. 40,000
Explanation:
- M/s Hari and Bros started their business with a capital of Rs. 2,00,000, out of which Rs. 60,000 were deposited in the bank account, and the rest was kept in cash. Therefore, we will debit the cash account with Rs. 60,000 and bank account with Rs. 1,40,000 and credit the capital account with Rs. 2,00,000.
- The company purchased machinery from 'A' on credit for Rs. 40,000. Therefore, we will debit the machinery account with Rs. 40,000 and credit 'A' account with the same amount.
Note: Always maintain the accounting equation of Assets = Liabilities + Capital. In every transaction, the total amount of debits should be equal to the total amount of credits.
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Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000?
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Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000?.
Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions of m/s hari and Bros 2010 July 1 business started with 2,00,000 and cash deposited in bank 60,000 July 2 machinery purchased on credit from 'A' 40,000?.
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