Introduction of Asset in the Business
Becks introduced his van into the business $30000. What is the amount to enter in capital account if it was 36000 on 1 jan?
You can enter:
Dr Van $30,000
Cr Capital $30,000
(When the van is first entered into the business)
Dr Van $6,000
Cr Income $6,000
(To record van increase in value)
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