Class 11 Exam > Class 11 Videos > Journal Entry : Business Started with Cash | How to pass a Journal Entry? Std - XIth, Std IXth, Bookkeeping and Accountancy
Journal Entry : Business Started with Cash | How to pass a Journal Entry? Std - XIth, Std IXth, Bookkeeping and Accountancy Video Lecture - Class 11
FAQs on Journal Entry : Business Started with Cash - How to pass a Journal Entry? Std - XIth, Std IXth, Bookkeeping and Accountancy Video Lecture - Class 11
| 1. What is a journal entry in accounting? |  |
Ans. A journal entry is a record of a business transaction in the accounting system. It includes the date, the accounts affected, and the amounts involved in the transaction. Journal entries are used to update the general ledger and ensure accurate financial reporting.
| 2. How do you pass a journal entry for a business started with cash? | |
Ans. To pass a journal entry for a business started with cash, you would debit the cash account and credit the owner's equity account. This entry reflects the increase in assets (cash) and the corresponding increase in the owner's equity.
| 3. What is the significance of passing a journal entry when a business starts with cash? | |
Ans. Passing a journal entry when a business starts with cash is important because it establishes the initial financial position of the business. It records the investment made by the owner and helps in tracking the flow of cash in the business from the beginning. It also serves as a basis for future accounting entries and financial reporting.
| 4. Can a business be started without passing a journal entry for cash? | |
Ans. Technically, a business can be started without passing a journal entry for cash. However, it is not recommended as it would create difficulties in accurately tracking the financial position and transactions of the business. Journal entries provide a systematic and organized way to record and analyze business transactions, ensuring transparency and accuracy in financial reporting.
| 5. What other types of journal entries are commonly used in accounting? | |
Ans. Apart from journal entries related to the start of a business with cash, there are various other types of journal entries used in accounting. Some common examples include journal entries for sales, purchases, expenses, depreciation, accruals, and adjusting entries. Each type of entry serves a specific purpose in recording and summarizing the financial transactions of a business.
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Oct 24, 2024 Last updated |
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