Question

w the effect of following transactions on the accounting
Kiran commenced business with cash 1,00,000 and bank balance 60,000
Salary paid by cheque 18,000.
Salary due but not paid 12,000.
Interest paid for next year by cheque 16,000
Rent received 15,000.
Rent due but not received 7,000.
Commission received in advance for next year? 10.000
USTRATION 7. Show the effect of following transacti​

Answer 1

Answer:

cash ac dr100000

to capital ac100000

salary ac dr 18000

to bank ac18000

salary ac dr 12000

to salary outstanding ac12000

prepaid interest ac dr16000

to bank 16000

cash ac dr 15000

to rent ac 15000

rent ac dr7000

to rent outstanding ac7000

prepaid commission ac dr10000

to commision ac10000