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  5. July 1 - Started bus...

July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing them The...

Accounts - Principles of Accounts
JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them

The double entry for July 1 would be

  • A. debit capital and credit cash
  • B. credit cash and debit bank
  • C. debit cash and credit capital
  • D. debit purchases and credit cash
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Correct Answer: Option D
Explanation

Starting a business with 10500 means the business owner must have bought good for resale with that amount of money. Therefore we will debit purchase/stock account and credit cash account

Note; capital (cash in this case) is the money used in started a business
Purchases in accounting are goods bought for resale.

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