please solve these 3 questiins i did any thing for u
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The Three golden rules of accounting are
Personal account - Debit The receiver ,credit the giver
Real account - Debit What comes in, credit what goes out
Nominal account - Debit All expenses and losses, credit all incomes and gains
The Journal entries in the books of sumit are..
Assets and liabilities come under Real accounts..so cash being an Asset, capital being a liability are Real accounts and as Per the second golden rule since asset is increasing..it is should be credited and capital is decreasing so it should be credited to that extent
Cash a/c Dr. 50000
To Sumith capital a/c 50000
(Being cash brought in as capital)
Furniture and cash are assets..and so are Real accounts. furniture is increasing so it should be debited,cash is decreasing so it should be credited to that extent..
Furniture a/c Dr 6000
To cash a/c. 6000
(Being furniture bought for cash)
Bought Goods on credit from Ram..
This transaction affects two accounts... Purchases and Ram account.. Purchases is a nominal account..and is an expense so it should be debited and. Ram account is a personal account..Since Ram is the giver..he should be credited to that extent...
Purchases a/c Dr 15000
To Ram a/c 15000
(Goods Purchased from Ram on credit)
Withdrew Goods and cash for personal use...
This transaction affects three accounts.. drawings account, stock account and cash account.. Basing on golden rules of accounting...
Drawings a/c Dr 9000
To cash a/c 4000
To stock a/c 5000
(Being Cash and for
Goods drawn for personal use)
Sold Goods at 25% costing 8000
so Sale price is 8000+25%= 10000
This transaction affects two accounts cash and sales...sales is a nominal account and generates revenue..so should be credited and cash is a real account and cash is incoming..so it should be Debited to that extent .
Cash a/c. Dr. 10000
To Sales a/c. 10000
(being sales made on cash)
Paid to creditors..This transaction affects two accounts creditors account (personal account)...cash account(real account)...since cash is outgoing it should be credited..and creditors being at the recieving end..should be debited as Per golden rules of accounting...
Creditor's a/c Dr 10000
To cash a/c. 10000
(Being cash paid to creditors)
Personal account - Debit The receiver ,credit the giver
Real account - Debit What comes in, credit what goes out
Nominal account - Debit All expenses and losses, credit all incomes and gains
The Journal entries in the books of sumit are..
Assets and liabilities come under Real accounts..so cash being an Asset, capital being a liability are Real accounts and as Per the second golden rule since asset is increasing..it is should be credited and capital is decreasing so it should be credited to that extent
Cash a/c Dr. 50000
To Sumith capital a/c 50000
(Being cash brought in as capital)
Furniture and cash are assets..and so are Real accounts. furniture is increasing so it should be debited,cash is decreasing so it should be credited to that extent..
Furniture a/c Dr 6000
To cash a/c. 6000
(Being furniture bought for cash)
Bought Goods on credit from Ram..
This transaction affects two accounts... Purchases and Ram account.. Purchases is a nominal account..and is an expense so it should be debited and. Ram account is a personal account..Since Ram is the giver..he should be credited to that extent...
Purchases a/c Dr 15000
To Ram a/c 15000
(Goods Purchased from Ram on credit)
Withdrew Goods and cash for personal use...
This transaction affects three accounts.. drawings account, stock account and cash account.. Basing on golden rules of accounting...
Drawings a/c Dr 9000
To cash a/c 4000
To stock a/c 5000
(Being Cash and for
Goods drawn for personal use)
Sold Goods at 25% costing 8000
so Sale price is 8000+25%= 10000
This transaction affects two accounts cash and sales...sales is a nominal account and generates revenue..so should be credited and cash is a real account and cash is incoming..so it should be Debited to that extent .
Cash a/c. Dr. 10000
To Sales a/c. 10000
(being sales made on cash)
Paid to creditors..This transaction affects two accounts creditors account (personal account)...cash account(real account)...since cash is outgoing it should be credited..and creditors being at the recieving end..should be debited as Per golden rules of accounting...
Creditor's a/c Dr 10000
To cash a/c. 10000
(Being cash paid to creditors)
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