Question

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Practical Questions
Analyse the following transactions according to the Traditional Approach:
a) Naseer started his business with cash 50,000
Borrowed from Liton 20,000
Purchased furniture 10,000
d) Purchased furniture from Kamrul on credit 5,000
Purchased goods for cash 3,000
f) Purchased goods from Anup on credit 12,000
g). Sold goods for cash 8,000
h) Sold goods to Shanup on credit 33,000
i) Received cash from Shanup 32,000
j) Paid cash to Arup 10,000
k) Deposited into Bank 15,000
1) Withdrew cash for personal use 800
m) Withdrew from bank for office use * 2,500
n) Withdrew from bank for personal use 1,500
o) Received a cheque from a customer, Shanup at 5 pm.​

Answer 1

A)

Cash a/c. Dr. 50000

to capital a/c. 50000

(being business started for cash )

Loan a/c. Dr. 20000

to Liton a/c. 20000

(being loan taken form Liton)

Furniture a/c. Dr. 10000

to cash a/c. 10000

(being furniture purchased for cash)

D)

furniture a/c. Dr. 5000

to Kamrul a/c. 5000

(being furniture purchased from kumrul)

Purchase a/c. Dr. 3000

to cash a/c. 3000

(being goods purchased for cash)

F)

Purchase a/c. Dr. 12000

to Anup a/c. 12000

(being goods purchase from Anup)

G)

Cash a/c. Dr. 8000

to sales a/c. 8000

( being goods sold for cash)

H)

Shanup a/c. Dr. 33000

to sales a/c. 33000

( being goods sold to shanup)

I)

Cash a/c. Dr. 32000

to Shanup. 32000 (being cash received from shanup)

J)

Anup a/c. Dr. 12000

to cash a/c. 10000

to discount a/c. 2000

(being cash paid to Anup in full settlement)

K)

Bank a/c. Dr. 15000

to cash a/c. 15000

(being cash deposited into Bank )

L)

Drawings a/c. Dr. 800

to cash a/c. 800

(being cash withdrawn for personal use )

M)

Cash a/c. Dr. 2500

to bank a/c. 2500

(being cash withdrawn from Bank for office use )

N)

drawings a/c. Dr. 1500

to Bank a/c. 1500

(being cash withdrawn from Bank for personal use)

O) Bank a/c. Dr. 1000

to Shanup a/c. 1000

(being cheque received form Shanup)