Answer to Question #222131 in Financial Math for Nachiket Pawar

Question

Mahesh wants to start his business and for that he decides that he will take loan for

Rupees 7 Lakhs from the Bank of Baroda. He also decides to use his saving worth 3 lakhs

in the bank account to start the business. Discuss how these two transactions will be

recorded in the books of accounts by passing the relevant journal entries? How these

transactions will be reflected in the Books of accounts (that’ is in the financial statements)?

Lastly, conclude your answer by stating the applicability of which accounting

assumption/s you did the above mentioned accounting treatment/ recognition and

presentation in the books of accounts.

"PLEASE GIVE ME TWO PAGE ANSWER"

Answer 1

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