1.

Give journal entries for the followingtransactions(whether asset, liability , Capital,expenses or revenue) and therule applicable.1) Ajit Started buisness by investingcash rs 50,00,000 He boughtRS 4,00,000 andfurniture of Rs. 5,00,000goods old​

Answer»

On 1.1.20 X LTD. purchased fixed assets worth 2,50,000 for a CONSIDERATION of * 2,30,000 payable by the

issue of 20,000 fully PAID equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold the

above fixed assets for * 3,20,000.



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