Question

Entries of special transactions:-

purchase computer for business worth Rs 30,000 and colour TV for house worth rupees 15000

Answer 1

3 golden rules  

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

Computers A/c - Real A/c , where asset comes into the business therefore its debited

Cash A/c - real A/c , where money goes out of the company therefore its credited  

Drawings A/c - personal A/c , where proprietor receiver of colour tv  from company . therefore its debited  

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Journal entry

Computer    A/c     Dr     30000

Drawings A/c           Dr    15000  

        To Cash A/c                                45000

(being cash paid purchase of computer for business and TV for personal use)

Answer 2

Computer A/C. Dr. Rs.30,000

Drawings A/C. Dr. Rs.15,000

To Bank A/C. Or Cash A/C. Rs.45,000

(Being computer purchased for business and colour TV for house)