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Accounting Principles

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26 views

Accounting Principles

Uploaded by

nhub2300461
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Dat Account Ref. Debit Credit


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1 Start consulting business by bringing in their personal cash of
5,00,000 and 2,50,000 respectively.
Cash 7,50,000
Owner’s equity 7,50,000
2 Bought office furniture of 25,000 for cash. Bill No.202x/F/3
Office furniture 25,000
Cash 25,000
3 Opened a current account with PP National Bank by depositing
1,00,000
Bank account 1,00,000
Cash 1,00,000
4 Paid office rent of 15,000 for the month by cheque to M/s
Realtors Properties. Voucher No.3
Rent expense 15,000
Current account 15,000
5 Bought a motor car worth 4,50,000 from Millennium Motors by
making a down payment of 50,000 by cheque and the balance by
taking a loan from HH Bank. Voucher No. M/15/7
Vehicle 4,50,000
Current account 50,000
Notes payable 4,00,000
6 Vikas and Vaibhavi carried out a consulting assignment for AA
Pharmaceuticals and raised a bill for 10,00,000 as consultancy
fees. Bill No. B15/4/1 raised. Avon Pharmaceuticals have
immediately settled 2,50,000 by way of cheque and the balance
will be paid after 30 days. The cheque received is deposited into
Bank.
Accounts receivable 10,00,000
Revenue 10,00,000
Bank account 2,50,000
Accounts receivable 2,50,000
7 Salary of one receptionist 5,000 per month and one officer
10,000 per month. The salary for the current month is payable to
them.
Wages expense 15,000
Accounts payable 15,000
1 He started business with a capital of-Plant 10,000, Bank 8,000,
Stock 12,000
Cash 30,000
Owner’s equity 30,000
2 Bought furniture for resale 5,000 Bought furniture for Office
decoration 3,000
Equipment 8,000
Cash 8,000
3 Paid rent out of personal cash for 2,000
Rent expense 2,000
Capital 2,000
4 Sold furniture out of those for resale 6,000
Cash 6,000
Sales revenue 6,000
Cost of goods sold 6,000
Inventory 6,000
5 Paid salary to Mr. X for 1,200
Salaries expense 1,200
Cash 1,200
6 Purchased goods from Mr. Mukherjee for cash 3,000
Inventory 3,000
Cash 3,000
7 Sold goods to Mr. Sen on credit for 8,000
Accounts receivable 8,000
Sales 8,000
8 Mr. Sen returned goods valued 1,000
Sales returns and 1,000
allowances
Accounts receivable 1,000
Inventory 1,000
Cost of goods sold 1,000
9 Receive cash from Mr. Sen of 6,500 in full settlement.
Cash 6,500
Sales discounts 500
Accounts receivable 7,000
10 Bought goods from Mr. Bose on credit for 5,000
Inventory 5,000
Accounts payable 5,000
11 Returned goods to Mr. Bose of 500 and paid to Mr. Bose 4,000
in full settlement.
Accounts payable 500
Inventory 500
Accounts payable 4,500
Cash 4,000
Purchase Discounts 500

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