transactions on the proper side:
Particulars
1. Purchased goods from Dinesh
2. Paid cash to Dinesh
3. Discount received from Dinesh
4. Goods again purchased from Dinesh
5. Purchases Return
6. Purchased goods from Dinesh in cash
Amt. ()
90,000
18,000
6,000
45,000
9,000
6,000 plzzzz guy's send me a solution it's urgent plzzzz
Answers
Answer:
Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts:
(i) Land and Building (vii) Investments (xiv) Ramesh, a debtor
(ii) Excise Duty (viii) Salary (xv) Interest Received
(iii) Creditors (ix) Debtors (xvi) Bank Overdraft
(iv) Capital (x) Bad Debts (xvii) Purchase Returns
(v) Motor Vehicles (xi) Depreciation (xviii) Drawings
(vi) Goodwill (xii) Wages (xix) Freight
(xiii) Repairs (xx) Return Inwards.
ANSWER:
Item Nature of Account
Land & Building Real A/c
Excise Duty Nominal A/c
Creditors Personal A/c
Capital Personal A/c
Motor Vehicles Real A/c
Goodwill Real A/c
Investments Real A/c
Salary Nominal A/c
Debtors Personal A/c
Bad Debts Nominal A/c
Depreciation Nominal A/c
Wages Nominal A/c
Repair Nominal A/c
Ramesh, a debtor Personal A/c
Interest Received Nominal A/c
Bank Overdraft Personal A/c
Purchase Returns Nominal A/c
Drawings Personal A/c
Freight Nominal A/c
Return Inwards Nominal A/c
Page No 6.16:
Question 2:
Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:
(i) Land; (ii) Investments; (iii) Building; (iv) Interest Received;
(v) Salary; (vi) Bank Overdraft; (vii) Debtors; (viii) Creditors;
(ix) Bad Debts; (x) Capital; (xi) Depreciation; (xii) Motor Vehicles;
(xiii) Freight; (xiv) Wages; (xv) Goodwill; (xvi) Repairs.
ANSWER:
Assets
Liabilities
Capital
Expenses
Revenue
(i) Land
(vi) Bank Overdraft
(x) Capital
(v) Salary
(iv) Interest Received
(ii) Investments
(viii) Creditors
(ix) Bad Debts
(iii) Building
(xi) Depreciation
(vii) Debtors
(xiii) Freight
(xii) Motor Vehicles
(xiv) Wages
(xv) Goodwill
(xvi) Repairs
Page No 6.16:
Question 3:
Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:
(i) Plant and Machinery; (ii) Bank Loan; (iii) Sales; (iv) Rent;
(v) Discount Received; (vi) Carriage Inwards; (vii) Carriage outwards; (viii) Purchases;
(ix) Bills Payable; (x) Wages; (xi) Advance Income; (xii) Accrued Income;
(xiii) Goodwill; (xiv) Furniture and Fixtures; (xv) Outstanding Expenses; (xvi) Capital.
ANSWER:
Assets
Liabilities
Capital
Revenue
Expenses
(i)
Plant and Machinery
(ii)
Bank Loan
(xvi)
Capital
(iii)
Sales
(iv)
Rent
(xii)
Accrued Income
(ix)
Bills Payable
(v)
Discount Received
(vi)
Carriage Inwards
(xiii)
Goodwill
(xi)
Advance Income
(vii)
Carriage Outwards
(xiv)
Furniture and Fixtures
(xv)
Outstanding Expenses
(viii)
Purchases
(x)
Wages
Page No 6.16:
Question 4:
On which side will the increase in the following accounts be recorded? Also, state the nature of the account:
(i) Furniture A/c (ii) Mohan (proprietor)
(iii) Salary A/c (iv) Purchases A/c
(v) Sales A/c (vi) Interest Paid A/c
(vii) Sohan (Creditor) (viii) Ram (Debtor)
ANSWER:
Name of Accounts
Consequence of increase
Modern Approach
Traditional Approach
(i)
Furniture
Debit
Assets
Real Account
(ii)
Mohan (Proprietor)
Credit
Capital
Personal Account
(iii)
Salary
Debit
Expense
Nominal Account
(iv)
Purchases
Debit
Expense
Nominal Account
(v)
Sales
Credit
Revenue
Nominal Account
(vi)
Interest Paid
Debit
Expense
Nominal Account
(vii)
Sohan (Creditor)
Credit
Liabilities
Personal Account
(viii)
Ram (Debtor)
Debit
Assets
Personal Account
Page No 6.16:
Question 5:
On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:
(i) Cash (ii) Bank Overdraft
(iii) Outstanding Salary paid (iv) Outstanding Rent
(v) Prepaid Insurance (vi) Mohan, Proprietor of the business
ANSWER:
Name of Accounts
Consequence of decrease
Modern Approach
Traditional Approach
(i)
Cash
Credit
Assets
Real Account
(ii)
Bank Overdraft
Debit
Liability
Personal Account
(iii)
Outstanding Salary Paid
Debit
Liability
Personal Account
(iv)
Outstanding Rent
Debit
Liability
Personal Account
(v)
Prepaid Insurance
Credit
Asset
Personal Account
(vi)
Mohan, proprietor of the business
Debit
Capital
Real Account
Page No 6.16:
Question 6:
From the following transactions, state the nature of account and state which account will be debited and which account credited:
₹
(i) Manu started business with cash 1,00,000
(ii) He purchased furniture for business 20,000
(iii) Purchase goods on credit from Anshul 6,000
(iv) Paid to his creditor, Anshul 2,000
(v) Paid salary to his clerk 1,000
(vi) Paid rent 500
(vii) Received interest 200
ANSWER:
Transactions Nature of Account
Manu started business with cash Cash A/c- Debit Capital A/c- Credit
He purchased furniture for business Furniture A/c- Debit Cash A/c- Credit
Purchased goods on credit from Anshul Purchases A/c- Debit Creditor A/c- Credit
Paid to his creditor, Anshul Creditor A/c- Debit Cash A/c- Credit
Paid salary to his clerk Salary A/c- Debit Cash A/c- Credit
Paid rent Rent A/c- Debit Cash A/c- Credit
Received interest Cash A/c- Debit Interest A/c- Credit
Page No 6.17:
Question 7:
Analyse the following transactions , state the nature of accounts and state which account will be debited and which account credited: