Question

PROBLEM SOLVING EXERCISE - ASSIGNMENT 1 1. The transactions of Kamat Travel Services during a month are as follows: Write the effect of transactions on accounting equation. The first one is done for you as an example. (a) Bought furniture for cash. (b) Received amount due from a customer. (c) Bought a car on credit. (d) Paid amount due to a supplier. (e) Appointed office assistant. (1) Cash withdrawn by the proprietor for personal purposes. (g) Received cash for services to be provided next month. (h) Provided services on credit. (i) Received interest on bank deposit. () Sold unused equipment at purchase price, (k) Owner invested cash in the business. ​

Answer 1

Answer:

a)furniture a/c dr

To cash a/c

b)cash a/c dr

To customer a/c

c)car a/c dr

To creditor a/c

d)supplier a/c dr

To cash a/c

e)srry

1)cash a/c dr

To drawings a/c

g)cash a/c dr

To services a/c

h)services a/c dr

To creditor a/c

i)cash a/c dr

To bank a/c

()cash a/c dr

To sales

k)cash a/c dr

To capital a/c