You are required to open the asset and liability and capital accounts and record the following transactions for June 20x8 in the records of P Bernard. On June 1, 20x8, P Bernard started the business with £12,000 in cash. What are the options for recording this transaction?
1) Debit Cash, Credit Capital
2) Debit Capital, Credit Cash
3) Debit Cash, Credit Liability
4) Debit Liability, Credit Cash