Question

Joshua started business on January 3rd 2021 with Nira(Nigerian currency) 200,000 cash . during the month,he bought the following to run the business
January 4th: bought office machine from A.A.N.Z.E for Nira (Nigerian currency) 80,000
January 11th bought furniture for Nira (Nigerian currency)50,000 cash

Record the above transactions in the book of accounts of Joshua applying the double entry treatment of asset system

Answer 1

Date | Description | Debit | Credit
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Jan 3 | Cash | 200,000 |
Jan 4 | Office machine | 80,000 | Cash 80,000
Jan 11 | Furniture | 50,000 | Cash 50,000