A person used his mother's saree worth Rs. 10000 into garment business and sold same for cash. What will be accounting entry for this. Please answer it with explanation.
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Journal entry for selling mother's saree
Replies (2)
It is simply saree taken into business as addition to capital..we can recorded as entry ..saree a/c DR capital a/c..second entry ..cash a/c DR to saree a/c
but shouldn't it be treated as stock...???
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