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give journal entries for the following
jan-1 started business with cash 50000 & loan 80000
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Answer Posted / jay raj
Cash a/c Dr. 1,30,000
To Capital a/c 1,30,000
Explanation: A business doesn't exist until the capital is invested by the owner. The loan was taken before the birth of business. Although, the loan has been taken for the purpose of commencement of the business, it should be treated as personal transaction of the owner.
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