Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 3 - No. 3)
When a new business owner deposits money into a business bank account, what is the correct journal entry?
Debit Bank, Credit Capital
Debit Capital, Credit Bank
Debit Bank, Credit Drawings
Debit Drawings, Credit Bank
Explanation
The bank account increases, and the owner's capital increases.
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