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CBSE Class 11-commerce Answered

From the following transactions, briefly explain the dual aspects of each transaction: Capital introduced Rs. 5,00,000 Loan taken Rs. 3,00,000
Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
answered-by-expert Expert Answer
  1. Capital introduced Rs. 5,00,000
  2. Here, the business is receiving cash, and therefore cash is debited. On the other hand, capital is a liability for the business, and hence it is credited. 
  3. Loan taken Rs. 3,00,000
  4. Here, the business is receiving cash by taking loan, and therefore cash is debited. On the other hand, loan taken will stand in the book as a liability because it has to be repaid on certain future date, and hence loan account (i.e. loan taken) will be credited.
Answered by | 09 Jun, 2016, 02:29: PM
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