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Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga?
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Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000...
Journal Entry for Balance Sheet Items
When accounting for a company's financial transactions, it is essential to record all the transactions in a systematic manner. One of the essential aspects of accounting is creating a balance sheet that shows the company's financial position at a specific point in time.
Balance Sheet Items
- Cash in hand - Rs 15,000
- Building - Rs 24,000
- Creditors - Rs 41,000
- Computer - Rs 12,000
- Debtors - Rs 15,000
- Bill payable - Rs 10,000
- Stock - Rs 8,000
- Outstanding expenses - Rs 10,000
Journal Entry
The journal entry for the balance sheet items will be as follows:
- Debit Building - Rs 24,000
- Debit Computer - Rs 12,000
- Debit Stock - Rs 8,000
- Debit Debtors - Rs 15,000
- Credit Creditors - Rs 41,000
- Credit Bill payable - Rs 10,000
- Credit Outstanding expenses - Rs 10,000
- Credit Cash in hand - Rs 15,000
The above journal entry is based on the accounting equation, which states that assets = liabilities + equity. The debit entries represent the company's assets, while the credit entries represent the company's liabilities. Cash in hand is also considered an asset, which is why it is debited in the journal entry.
In conclusion, recording the financial transactions in a systematic manner is necessary for any company. The journal entry for the balance sheet items is one of the essential aspects of accounting that helps to create an accurate balance sheet.
Community Answer
Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000...
Bro, I think so ,
cash in hand a/c dr. 15000
buildings a/c dr. 24000
computer a/c dr. 12000
debtors a/c dr. 15000
stock a/c dr. 8000
to creditors a/c. 41000
to out. exp a/c. 10000.
to capital a/c (bal. fig.) 13000
to bills payable a/c. . 10000
cash in hand a/c dr. 15000
buildings a/c dr. 24000
computer a/c dr. 12000
debtors a/c dr. 15000
stock a/c dr. 8000
to creditors a/c. 41000
to out. exp a/c. 10000.
to capital a/c (bal. fig.) 13000
to bills payable a/c. . 10000
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Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga?
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Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga?.
Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balance of cash in hand Rs 15000 ,building Rs 24000,creditors Rs 41000,computer Rs 12000,debtors Rs 15000, bill payable Rs 10000, stock 8000,outstanding expenses Rs10000.journal entry KYA hoga?.
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