show me journal entery answer started buiness
debit bank
credit capital
debit cashcredit capital
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
Furniture a/c dr. To capital a/c
suman
debit cash 50000credit capital 50000
debit cashcredit capital
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
Furniture a/c dr. To capital a/c
suman
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
debit cash 50000credit capital 50000
Journal entry is made as soon as when any business transaction occur in business.
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
Debit Land 22000 Credit Capital 22000
recording of business transaction in chronological order is a journal entry
When business is started with cash: cash a/c dr. To capital a/c