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debit cash / bank 4500
credit asset 4000
credit profit 500

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10y ago

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What is the journal entry of Goods lost by fire Rs 4000?

debit goods lost by fire 4000credit goods inventory 4000


Paid salaries of Rs 4000 to office staff what is the journal entry of the transaction?

Accounting EntrySalaries a/c xxxxxCash a/c xxxBank a/c xxx


What is the journal entry for started business with cash rs 4000 and furniture rs 10000?

Debit cash 4000debit furniture 10000Credit capital 14000


What is the meaning of entries to apportion recorded cost?

Apportioning cost means dividing cost between Expired cost (depreciated value) and Unexpired cost (not depreciated yet). Cost which is used or whose time period is over is expired cost which can also be called as expense now, while unexpired cost can be named as remaining book value. For example, Prepaid rent was paid in September for the coming 4 months was $4000. Now, at the end of September the expired cost will be $1000 (and will be recorded in income statement as expense) and Unexpired cost will be $3000 (& will be recorded in Balance sheet as an asset ). Entry at the start of September would bePrepaid Rent a/c $4000 (Dr)Cash a/c $4000 (Cr) Entry at the end of September would be Rent a/c $1000 (Dr)Prepaid Rent a/c $1000 (Cr)See here, the used up cost or you may say asset has been turned into an expense, mitigating the value of Prepaid rent with $1000. Suppose you are preparing Balance Bheet at the end of September, the $1000 will be recorded in Income Statement as an expense while the Remaining $3000 will be recorded as current asset in Balance Sheet.


If total liabilities decreased by 4000 then?

assets must have decreased by 7000