On 1st Jan 2012, Mallam Dangote commenced a trading business with N100,000 cash and a cheque of N70,000 from lottery. Record these transactions in a journal entry.

Here are the journal entries for the given transactions. 3 (a) Mallam Dangots commenced business by introducing personal cash and a cheque as capital. |l|l|r|r| Date & Particulars & Debit (N) & Credit (N) \\ 2012 Jan 1 & Cash Account & 100,000 & \\ & Owner's Capital Account & & 100,000 \\ & (Being cash introduced as capital) & & \\ 2012 Jan 1 & Bank Account & 70,000 & \\ & Owner's Capital Account & & 70,000 \\ & (Being cheque introduced as capital) & & \\ 3 (b) On 2nd Jan 2012, transactions include depositing cash into the bank, paying for business expenses, and acquiring furniture and fittings. Step 1: Record the deposit of cash into the business bank account. Cash decreases (credit) and Bank increases (debit). Step 2: Record the payment for business expenses. General Expenses and Agreement Fees are expenses (debit), and Cash decreases (credit). Step 3: Record the acquisition of furniture and fittings paid by cheque. Furniture and Fittings (asset) increases (debit), and Bank (asset) decreases (credit). |l|l|r|r| Date & Particulars & Debit (N) & Credit (N) \\ 2012 Jan 2 & Bank Account & 45,000 & \\ & Cash Account & & 45,000 \\ & (Being cash deposited into bank) & & \\ 2012 Jan 2 & General Expenses Account & 4,200 & \\ & Agreement Fees Account & 1,500 & \\ & Cash Account & & 5,700 \\ & (Being expenses paid in cash) & & \\ 2012 Jan 2 & Furniture and Fittings Account & 25,000 & \\ & Bank Account & & 25,000 \\ & (Being furniture and fittings acquired by cheque) & & \\