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Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500?
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Write the following transactions in the journal June 1 commenced buisn...
Journal Entries for Business Transactions
June 1: Commenced Business with Cash Rs. 15,000
When a business starts, the first transaction is the infusion of capital. In this case, the business commenced with cash worth Rs. 15,000. Therefore, the journal entry for this transaction would be:
- Debit: Cash Account - Rs. 15,000
- Credit: Capital Account - Rs. 15,000
June 2: Bought Goods for Cash Rs. 5,000
When a business purchases goods for cash, the journal entry would be:
- Debit: Purchases Account - Rs. 5,000
- Credit: Cash Account - Rs. 5,000
June 4: Purchased Goods From Ramesh Rs. 1,500
When a business purchases goods on credit, the journal entry would be:
- Debit: Purchases Account - Rs. 1,500
- Credit: Ramesh Account - Rs. 1,500
Note: In this transaction, Ramesh is considered a creditor as the business has not paid him yet. When the business pays Ramesh, the entry would be:
- Debit: Ramesh Account - Rs. 1,500
- Credit: Cash Account - Rs. 1,500
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Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500?
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Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500?.
Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write the following transactions in the journal June 1 commenced buisness with cash rs. 15,000 June 2 bought goods for cash rs. 5,000 June 4 purchased goods From Ramesh rs 1,500?.
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