Question

Samar Sachdeva purchased measuring instruments for his laboratory wort ₹60,000 paying only one fourth of payment by cheque’s

Answer 1

Okay, let us first think of the accounts affected in this transaction

Step 1: Accounts affected

* Equipment

*Bank

*Accounts payable

Step 2 : Now let us think on the debit and credit . Equipment is an asset, for it we apply the rule debit what comes in credit what goes out .So as the equipment is coming in , we debit equipment . Then bank , as cash is going out , it is credit . Accounts payable is a liability , an increase in liability is credit .

Equipment                           60000

Bank                                                      15000( 1/4 of 60000)

Accounts payable                                45000( 3/4 of 60000)

Thanks

Answer 2

Answer:

Date Particulars

J.F. Amount Date Particulars

J.F. Amount

01/10/17 To Cash A/c 15,000 31/03/18 By Deprecation A/c*1 3,000

01/10/17 To Precision Perfect & Co A/c 45,000 31/03/18 By Balance C/d 57,000

60,000 60,000

01/04/18 To Balance b/d 57,000 31/03/19 By Depreciation A/c*2 24,000

31/03/19 To Profit/Loss A/c 10,000 31/03/19 By Bank A/c 35,650

31/03/19 By Balance C/d 25,650

67,000 67,000