Unit-5 Journal

This unit explains the method of applying the rules of debit and credit to business transactions and how exactly the entries are made.

On December 31, 1986, the assets and liabilities of Chemico Industries were as follows: Machinery Rs. 11,000         Furniture Rs. 3,000

Stock Rs. 24,000                Debtors Rs. 17,000

Cash Rs. 3,000                  Creditors Rs. 29,600

Loan Rs. 5,400

Calculate the capital of M/s Chemical Industries as on January 1, 1987 to enable you to pass an opening entry

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