Explain other transactions,
To which account, the following transactions will be debited
of Nilima? Describe with reason!
(1) 50,000 brought in cash and started business,
(2) A loan of 10,000 taken from Jasleen.
(3)Bank account opened by depositing ₹ 30,000
(4) A computer purchased for 8000
(5)Stationery purchased ₹ 1000
(6) Purchase made of 20,000.
(7)Purchase is made of 30,000 from Raman.
(8)Goods of ₹15,000, sold on cash for ₹28,000.
(9)Goods of ₹ 8000 sold to Nila for 15,000.
(10) Goods returned to Raman of 2000.
(11) Goods retuned by Nila of 1500.
(12) Paid 500 for carriage.
(13) Goods of 200 destroyed by fire.
(14) Commission received 5000.
(15) 2000 paid for salary.
Answers
Answer:
1 . cash a/c dr
to capital a/c
2 . bank a/c dr
to loan ac
( as loan is a liability it will be credited )
3 . bank ac dr
to cash ac
(cash going out)
4 . computer ac dr
to cash/bank ac
(computer is a fixed asset)
5 . stationery ac dr
to cash ac
6 . purchases ac dr
to cash/bank ac
7 . purachases ac dr
to raman ac
(if the name is specified we credit it to the person or else to cash or bank)
8 . cash ac dr 28000
to profit and loss acc 13000
to sales 15000
(profit thas been earned by selling it for a higher price, but sales is only credited 15k as thats its actual value, see next entry too)
9 . cash ac dr 15000
to sales ac 8000
to profit/loss a/c 7000
(ive specifically written amounts in these 2 transactions as theyre confusing, while making a journal specify the amounts please)
10 . raman ac dr
to purachse return ac
11 . sales return ac dr
to nila ac
12 . carraige ac dr
to cash ac
- 13 loss by fire ac dr
to purchases ac
(loss by fire is nominal ac as it is a loss)
14 bank ac dr
to cash/bank ac
(as you are recieving commission it is an income)
15 salary ac dr
to cash ac
Explanation:
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