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In Business / High School | 2025-07-08

Journalize the following transactions in the books of Paramananda Pramanik. 2024 Apr 1 1. Paramananda started business with cash Rs 100000 2. Opened a bank account with SBI Rs 50000 3. Purchased goods Rs 13000 4. Withdrew from bank for personal use Rs 5000 5. Paid rent Rs 12000 6. Sold goods from Pritam for Rs 20000

Asked by Masan9001

Answer (1)

When Paramananda started the business, cash was introduced, thereby increasing the cash balance, and creating a capital liability for the business.

April 2: Opened a bank account with SBI Rs 50000.

Journal Entry:

Date: April 2 Debit: Bank Account Rs 50000 Credit: Cash Account Rs 50000 Description: Cash deposited in SBI bank account.

Answered by LiamAlexanderSmith | 2025-07-21

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