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Pass the necessary journal entries for the following transactions :- a) On 1st November 2020 Mr. Rachit started a readymade garments business in Lalitpur Mr. Rachit invested Rs.50,00,000. b) November 2 Cash deposited into the bank Rs.30,00,000.?
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Pass the necessary journal entries for the following transactions :- a...
Journal Entries for Readymade Garments Business Transactions

Heading 1: Introduction
Mr. Rachit started a readymade garments business in Lalitpur on 1st November 2020 with an investment of Rs.50,00,000. The following are the journal entries for the transactions.

Heading 2: Investment Made by Mr. Rachit
Date: 1st November 2020
Particulars | Debit (Rs.) | Credit (Rs.)
--- | --- | ---
Cash/Bank | 50,00,000 |
Capital Account (Mr. Rachit) | | 50,00,000
Explanation: Mr. Rachit invested Rs.50,00,000 in the business. The cash/bank account is debited, and the capital account (Mr. Rachit) is credited as he is the sole proprietor of the business.

Heading 3: Cash Deposited into the Bank
Date: 2nd November 2020
Particulars | Debit (Rs.) | Credit (Rs.)
--- | --- | ---
Bank Account | | 30,00,000
Cash Account | 30,00,000 |
Explanation: On 2nd November 2020, cash worth Rs.30,00,000 is deposited into the bank account. The bank account is credited, and the cash account is debited as the cash is no longer in hand and deposited into the bank.

Conclusion:
The above journal entries record the transactions of Mr. Rachit's readymade garments business. It is essential to record all the transactions of the business in the accounting system to keep track of the financial health of the business.
Community Answer
Pass the necessary journal entries for the following transactions :- a...
(a)Cash A/c ....Dr. 50,00,000
To Capital A/c. 50,00,000
(Being amount invested in the business)

(b)Bank A/c ....Dr. 30,00,000
To Cash A/c. 30,00,000
(Being cash deposited into the bank)
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Pass the necessary journal entries for the following transactions :- a) On 1st November 2020 Mr. Rachit started a readymade garments business in Lalitpur Mr. Rachit invested Rs.50,00,000. b) November 2 Cash deposited into the bank Rs.30,00,000.?
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Pass the necessary journal entries for the following transactions :- a) On 1st November 2020 Mr. Rachit started a readymade garments business in Lalitpur Mr. Rachit invested Rs.50,00,000. b) November 2 Cash deposited into the bank Rs.30,00,000.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the necessary journal entries for the following transactions :- a) On 1st November 2020 Mr. Rachit started a readymade garments business in Lalitpur Mr. Rachit invested Rs.50,00,000. b) November 2 Cash deposited into the bank Rs.30,00,000.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the necessary journal entries for the following transactions :- a) On 1st November 2020 Mr. Rachit started a readymade garments business in Lalitpur Mr. Rachit invested Rs.50,00,000. b) November 2 Cash deposited into the bank Rs.30,00,000.?.
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