In the Given Bal. sheet we have Liabilities & Assets.
Note-In any business the 1st journal entry is
cash dr.
To capital
After that it's your Assumptions-
Example..Some firm buy Stock at beginning of Business,So in this case it would be-
Purchase Dr 20000(stock is 8000 & debtor is 12000,so total purchase is 20000)
To Creditors 8000
To Cash 12000
and it's keep going,there might be some error due to insufficient of info. so we might need to do this Question 2 or 3 time but we get it eventually.
