when single owner starting business with cashh 50000 rs what is right entry
OWNER CAPITAL AC CREATE NAME OR JUST PASS ENTRY
CASH
TO CAPITAL what is the right method
Cash of Rs. 50,000 will be debited as a liquid asset introduced by the proprietor in business. Capital A/c will be credited as capital is the liability of the business to pay the proprietor.
The capital account of the proprietor is shown as the owner's in the book
Pass entry
Cash to capital
Cash (Dr) 50,000
To Capital (Cr.) 50,000
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Cash of Rs. 50,000 will be debited as a liquid asset introduced by the proprietor in business. Capital A/c will be credited as capital is the liability of the business to pay the proprietor.
The capital account of the proprietor is shown as the owner's in the book
Tax Gyata
CAclubindia
