CBSE Class 11-commerce Answered
commenced business with borrowings from friend
what will be the entry
Asked by meenumotwani5 | 19 Sep, 2019, 12:50: PM
Expert Answer
A business can be commenced in 2 ways:
- By using own funds:
Entry to be passed when own funds are used to commence business is follows:
Cash A/c ....Dr.
To Capital A/c
2. By using borrowed funds:
Entry to be passed when own funds are used to commence business is follows:
Cash A/c ....Dr.
To Borrowings/Loan A/c
Since in the mentioned case, funds are borrowed from friend, entry passed will have Loan or Borrowings or Friend's A/c on the credit side and Cash A/c on the debit side.
Answered by Surabhi Gawade | 20 Sep, 2019, 09:49: AM
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