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Raj started business with cash₹100000 journal entries?
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Raj started business with cash₹100000 journal entries?
Initial Investment Journal Entries:
- Cash Account: Debit ₹100,000
- Capital Account: Credit ₹100,000
Explanation:
1. Cash Account Debit: The cash account is debited to record the increase in cash as Raj invested ₹100,000 in the business.
2. Capital Account Credit: The capital account is credited to show the increase in owner's equity as Raj's investment is reflected as capital in the business.
This initial journal entry establishes Raj's ownership in the business and records the source of funds for starting the business.
- Cash Account: Debit ₹100,000
- Capital Account: Credit ₹100,000
Explanation:
1. Cash Account Debit: The cash account is debited to record the increase in cash as Raj invested ₹100,000 in the business.
2. Capital Account Credit: The capital account is credited to show the increase in owner's equity as Raj's investment is reflected as capital in the business.
This initial journal entry establishes Raj's ownership in the business and records the source of funds for starting the business.
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Raj started business with cash₹100000 journal entries?
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Raj started business with cash₹100000 journal entries? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Raj started business with cash₹100000 journal entries? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raj started business with cash₹100000 journal entries?.
Raj started business with cash₹100000 journal entries? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Raj started business with cash₹100000 journal entries? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raj started business with cash₹100000 journal entries?.
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