CBSE Class 11-commerce Answered
Commenced bussiness with csh and bank loan 100000 each
Asked by Kashishdhanani30 | 27 Feb, 2020, 02:37: AM
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
- By using borrowed funds: Entry to be passed when borrowed funds are used to commence business is follows:
Cash or Bank A/c ....Dr.
To Borrowings/Loan A/c
In the given situation, business is commenced with Cash and Bank Loan of Rs.1,00,000 each and therefore, entries passed will be as follows:
Cash A/c ...Dr. 1,00,000
To Capital A/c 1,00,000
Cash or Bank A/c ...Dr. 1,00,000
To Borrowings/Loan A/c 1,00,000
Answered by Surabhi Gawade | 27 Feb, 2020, 09:42: AM
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