25) From the following Transactions, state the nature of account as per modern approach and state which account will be debited or credited:(Any 6) Sr. No Particulars Rs (a) Started business with cash 1,20,000 Vote No need to Subjective paper (b) Rent received 10,000 Purchase goods on cash from Vikas 50,000 (c) All the best stude 5,000 Received Interest (d) 35,000 (e) Purchase goods on credit from Ram 7,000 Paid cash for household expenses (f) 14,000 8. Class comme (g) Sold goods for cash 35,000 Add a class com (h) Deposited into bank .
Answers
ANSWER :
(a)
- ✠ Transaction :-
★ Started business with cash 1,20,000.
- ✠ Affected Accounts :-
(1) Cash A/C
(2) Capital A/C
- ✠ Kinds of Accounts :-
(1) Cash A/C ➺ Assets Account
(2) Capital A/C ➺ Capital Account
- ✠ Accounts Debited and Credited :-
(1) Cash A/C ➺ Debited
(2) Capital A/C ➺ Credited
___________________________________________________________
(b)
- ✠ Transactions :-
★ Rent Received Rs. 10,000.
- ✠ Affected Accounts :-
(1) Cash A/C
(2) Rent Received A/C
- ✠ Kinds of Accounts :-
(1) Cash A/C ➺ Assets Account
(2) Rent Received A/C ➺ Revenue Account
- ✠ Accounts Debited and Credited :-
(1) Cash A/C ➺ Debited
(2) Rent Received A/C ➺ Credited
___________________________________________________________
(c)
- ✠ Transaction :-
★ Purchase goods on cash from Vikas 50,000.
- ✠ Affected Accounts :-
(1) Purchase A/C
(2) Cash A/C
- ✠ Kinds of Accounts :-
(1) Purchase A/C ➺ Expenses Account
(2) Cash A/C ➺ Assets Account
- ✠ Accounts Debited and Credited :-
(1) Purchase A/C ➺ Debited
(2) Cash A/C ➺ Credited
___________________________________________________________
(d)
- ✠ Transaction :-
★ Received Interest Rs. 5,000.
- ✠ Affected Accounts :-
(1) Cash A/C
(2) Interest Received A/C
- ✠ Kinds of Accounts :-
(1) Cash A/C ➺ Assets Account
(2) Interest Received A/C ➺ Revenue Account
- ✠ Accounts Debited and Credited :-
(1) Cash A/C ➺ Debited
(2) Revenue Received A/C ➺ Credited
___________________________________________________________
(e)
- ✠ Transaction :-
★ Purchase goods on credit from Ram Rs. 35,000.
- ✠ Affected Accounts :-
(1) Purchase A/C
(2) Ram A/C
- ✠ Kinds of Accounts :-
(1) Purchase A/C ➺ Expenses Account
(2) Ram A/C ➺ Liabilities Account
- ✠ Accounts Debited and Credited :-
(1) Purchase A/C ➺ Debited
(2) Ram A/C ➺ Credited
___________________________________________________________
(f)
- ✠ Transaction :-
★ Paid cash for household expenses Rs. 7,000.
- ✠ Affected Accounts :-
(1) Household Expenses A/C
(2) Cash A/C
- ✠ Kinds of Accounts :-
(1) Household Expenses A/C ➺ Expenses Account
(2) Cash A/C ➺ Assets Account
- ✠ Accounts Debited and Credited :-
(1) Household Expenses A/C ➺ Debited
(2) Cash A/C ➺ Credited
___________________________________________________________
(g)
- ✠ Transaction :-
★ Sold goods for cash Rs. 14,000.
- ✠ Affected Accounts :-
(1) Cash A/C
(2) Sales A/C
- ✠ Kinds of Accounts :-
(1) Cash A/C ➺ Assets Account
(2) Sales A/C ➺ Revenue Account
- ✠ Accounts Debited and Credited :-
(1) Cash A/C ➺ Debited
(2) Sales A/C ➺ Credited
___________________________________________________________
(h)
- ✠ Transaction :-
★ Deposited into bank Rs. 35,000.
- ✠ Affected Accounts :-
(1) Bank A/C
(2) Cash A/C
- ✠ Kinds of Accounts :-
(1) Bank A/C ➺ Assets Account
(2) Cash A/C ➺ Assets Account
- ✠ Accounts Debited and Credited :-
(1) Bank A/C ➺ Debited
(2) Cash A/C ➺ Credited