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.
Thank You
2 Replies
nandu.adimalla810@gmail.com
(49 Points)
Replied 01 September 2018
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
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