Journalise the following transactions in the books of Alok Enterprises: Alok started business by depositing cheque from his savings account
Solution:-
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Journalise the following transactions: Kamal started business with cash 1,00,000 Kamal introduced additional capital by cheque 50,000
Solution:-
Analyse the following transactions, state the nature of accounts and state which account will be debited and which account will be credited:
Solution:- i) Furniture Cash Debit Credit 75,000 75,000 ii) Purchase Cash Debit Credit 55,000 55,000 iii) Cash Sale Debit Credit 35,000 35,000 iv) Om Sales Debit Credit 60,000 60,000 v) Bank Cash Debit Credit 70,000 70,000 vi) Cheque in Hand…
From the following transactions, state the nature of account and state which account will be debited and which account will be credited:
Solution:- i) Cash Capital Debit Credit 5,00,000 5,00,000 (ii) Furniture Cash Debit Credit 1,00,000 1,00,000 (iii) Purchase Anshul Debit Credit 30,000 30,000 (iv) Anshul Cash Debit Credit 10,000 10,000 (v) Salary Cash Debit Credit 5000 5000 (vi) Rent Cash Debit…
State which of the following accounts will show debit balance and which will show credit balance:
Solution:- Account Name Balance 1) Carriage Debit 2) Machinery Debit 3) Sales Credit 4) Cash Debit 5) Anita (Customer) Debit 6) Sales Returns Debit 7) Purchases Debit 8) Bad Debts Debit 9) Discount Allowed Debit 10) Rent Debit 11) Commission…
Following is the list of various accounts. State which are asset, Liability, Capital, Revenue or Expense Accounts:
Solution:- Accounts Name Types 1) Machinery Assets 2) Bank Assets 3) Sales Revenue 4) Purchases Expenses 5) Unsold Stock Assets 6) Bank Overdraft Liability 7) Harman (Customer) Assets 8) Cash Assets 9) Interest Received Revenue 10) Somesh (Proprietor) Capital
On which side will the decrease in the following accounts be recorded? Also, mention the nature of the account:
Solution:- Account Name Side (Decreases) 1) Cash Credit (Assets) 2) Bank Overdraft Debit (Liability) 3) Outstanding Salary Paid Debit (Liability) 4) Outstanding Rent Debit (Liability) 5) Prepaid Insurance Credit (Assets) 6) Sunil, Proprietor of the Business Debit (Liability)
On which side will the increase in the following accounts be recorded? Also, mention the nature of the account:
Solution:- Accounts Name Side 1) Furniture A/c Debit (Asset) 2) Bharat (Proprietor) Credit (Capital) 3) Salary A/c Debit (Expenses) 4) Purchases A/c Debit (Expenses) 5) Sales A/c Credit (Revenue) 6) Interest Paid A/c Debit (Expense) 7) Dev (Creditor) Credit (Liability)…
Classify the following into Asset, Liability, Capital, Revenue or Expense Accounts: Plant and Machinery, Bank Loan, Sales
Solution:- S.N Solutions 1) Plant and Machinery Assets 2) Bank Loan Liabilities 3) Sales Revenue 4) Rent Paid Expenses 5) Discount Received Revenue 6) Carriage Inwards Expenses 7) Carriage Outwards Expenses 8) Purchases Expenses 9) Bills Payable Liabilities 10) Wages…
Classify the following into Personal, Real and Nominal Accounts: Land, Investments, Building, Interest Received
Solution:- Account Type 1) Land Real 2) Investments Real 3) Building Real 4) Interest Received Personal 5) Salary Nominal Account 6) Loan Personal Account 7) Bank Overdraft Personal Account 8) Debtors Personal Account 9) Creditors Personal Account 10) Purchases Return…