Question

5. Show ine name of effected account, kinds of account on which account debited & credited from the following transaction:- a. Santosh started business with cash Rs.300000
b. Goods purchased for cash Rs. 100000
c. Paid salary Rs.10000
d. Goods sold to Amar on credit Rs.50000
e. Machinery purchased in cash Rs.150000
f. Commission received Rs.5000
g. Rent paid Rs.10000
h. Cash received from Amar Rs. 50000
i. Loan received from bank R3.40900
j. Postage paid Rs.500 20 as​

Answer 1

ANSWER :

(a)

• ✠ Transaction :-

★ Santosh started business with cash Rs. 300000

• ✠ Affected Accounts :-

(1) Cash A/C

(2) Capital A/C

• ✠ Kinds of Accounts :-

(1) Cash A/C ➺ Real Account (As per Traditional Approach)

(2) Capital A/C ➺ Personal Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Cash A/C ➺ Debited

(2) Capital A/C ➺ Credited

___________________________________________________________

(b)

• ✠ Transaction :-

★ Goods purchased for cash Rs. 100000

• ✠ Affected Accounts :-

(1) Purchase A/C

(2) Cash A/C

• ✠ Kinds of Accounts :-

(1) Purchase A/C ➺ Nominal Account (As per Traditional Approach)

(2) Cash A/C ➺ Real Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Purchase A/C ➺ Debited

(2) Cash A/C ➺ Credited

___________________________________________________________

(c)

• ✠ Transaction :-

★ Paid salary Rs. 10000

• ✠ Affected Accounts :-

(1) Salary A/C

(2) Cash A/C

• ✠ Kinds of Accounts :-

(1) Salary A/C ➺ Nominal Account (As per Traditional Approach)

(2) Cash A/C ➺ Real Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Salary A/C ➺ Debited

(2) Cash A/C ➺ Credited

___________________________________________________________

(d)

• ✠ Transaction :-

★ Goods sold to Amar on credit Rs. 50000

• ✠ Affected Accounts :-

(1) Amar A/C

(2) Sales A/C

• ✠ Kinds of Accounts :-

(1) Amar A/C ➺ Personal Account (As per Traditional Approach)

(2) Sales A/C ➺ Nominal Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Amar A/C ➺ Debited

(2) Sales A/C ➺ Credited

___________________________________________________________

(e)

• ✠ Transaction :-

★ Machinery purchased in cash Rs. 150000

• ✠ Affected Accounts :-

(1) Machinery A/C

(2) Cash A/C

• ✠ Kinds of Accounts :-

(1) Machinery A/C ➺ Real Account (As per Traditional Approach)

(2) Cash A/C ➺ Real Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Machinery A/C ➺ Debited

(2) Cash A/C ➺ Credited

___________________________________________________________

(f)

• ✠ Transaction :-

★ Commission received Rs. 5000

• ✠ Affected Accounts :-

(1) Cash A/C

(2) Commission Received A/C

• ✠ Kinds of Accounts :-

(1) Cash A/C ➺ Real Account (As per Traditional Approach)

(2) Commission Received A/C ➺ Nominal Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Cash A/C ➺ Debited

(2) Commission Received A/C ➺ Credited

___________________________________________________________

(g)

• ✠ Transactions :-

★ Rent paid Rs. 10000

• ✠ Affected Accounts :-

(1) Rent A/C

(2) Cash A/C

• ✠ Kinds of Accounts :-

(1) Rent A/C ➺ Nominal Account (As per Traditional Approach)

(2) Cash A/C ➺ Real Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Rent A/C ➺ Debited

(2) Cash A/C ➺ Credited

___________________________________________________________

(h)

• ✠ Transaction :-

★ Cash received from Amar Rs. 50000

• ✠ Affected Accounts :-

(1) Cash A/C

(2) Amar A/C

• ✠ Kinds of Accounts :-

(1) Cash A/C ➺ Real Account (As per Traditional Approach)

(2) Amar A/C ➺ Personal Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Cash A/C ➺ Debited

(2) Amar A/C ➺ Credited

___________________________________________________________

(i)

• ✠ Transaction :-

★ Loan received from bank Rs. 40900

• ✠ Affected Accounts :-

(1) Bank A/C

(2) Bank Loan A/C

• ✠ Kinds of Accounts :-

(1) Bank A/C ➺ Personal Account (As per Traditional Approach)

(2) Bank Loan A/C ➺ Personal Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Bank A/C ➺ Debited

(2) Bank Loan A/C ➺ Credited

___________________________________________________________

(j)

• ✠ Transaction :-

★ Postage paid Rs. 500

• ✠ Affected Accounts :-

(1) Postage A/C

(2) Cash A/C

• ✠ Kinds of Accounts :-

(1) Postage A/C ➺ Nominal Account (As per Traditional Approach)

(2) Cash A/C ➺ Real Account (As per Traditional Approach)

• ✠ Accounts Debited and Credited :-

(1) Postage A/C ➺ Debited

(2) Cash A/C ➺ Credited