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List out all the personal , real and nominal accounts
what is the journal entry for dicount recieved and discount allowed??please explain...thanks....
When a cheque is received from someone, which a/c will be debited (cash or bank)?
My friend mentioned that 'If a cheque is received and is not deposited in the bank on the same day, it is debited to cash a/c taking it to be cash'.
But in some of the transaction it is Bank a/c Dr To someone's a/c and in some it is Cash a/c Dr To someone's a/c.
What is the correct journal entry for cheque received?
Please explain with examples.
what are the golden rules of accountancy about debit and credit ??what r the rules of recognition of nature of any account type so as to solve questions related to journal entry???pls help guys!!!
what is the journal entry for:
1)withdrew cash for office use
2)withdrew cash for personal use
3)withdreww good for personal use
1)Rs. 500 paid for the repairing of machinery. Then in this case what will be the journal entry, will it increase the value of the assets or we have to open repairs a/c in journal and debit it?
How will I journalise the following entry:-
Drew Cash from bank for office...Rs. 1,000.
why won't we debit drawings account but rather debit cash account?
Can you Please show the Journal Entry of the following Transactions along with the final accounts of the same
Jan1: Commenced business with cash 1,00,000
Jan2: Opened a bank account by depositing 50,0000
Jan 3: Bought goods for cash 15,000
Jan 5: Bought furniture for cash 10,000
Jan 6: Sold goods for cash 5,000
Jan 9: Bought goods from Ram of list price 10,000 less 10% trade discount.
Jan 11: Goods returned to ram of list price 1,500
Jan13: Sold goods to sohan for 12,000 less 10% trade discount
Jan15: Sohan returned goods of 1,000
Jan 16: Received a cheque from sohan for 6,000 which was endorsed to ram
Jan 17: Paid cash 1,500 to ram in full settlement of his account
Jan 18: Received cheque from sohan for 3,800 in full settlement of his account
Jan 19: Cheque of sohan lodged in bank
Jan 22: Paid salary 3,000 and rent 2,000 by cheques.
Jan 24: Bought goods from amar for 14,000 less 10% trade discount and 2% cash discount. Amar agreed to pay 50% price on the spot.
Jan 24: Sold goods to karan 6,000
Jan 25: Bank is advised to issue draft to amar for 4,500. Bank charged 50 for it.
Jan 27: Received cash from karan 2,000 and cheques 3,000 banked same day.
Jan 30: Bought furniture from gopi 4,000
plz give me the journal entry for :
2.deposited cash into bank..........10000 & plz explain.
what does "interest due but not paid" have effect on the accounting equation?
what is a debit note and credit note?
How to write the following in double column cash book :-
Honoured our own acceptance by cheque.
What will be the journal entry of paid Life insurance premium Rs 5000
What type of accounts are purchase and sales account ? Real or nominal ?
journalise the following transaction:
Received commission Rs.5000 half of which is in advance.
what is entry of .paid into bank
Receive cheque from suman 19500
Discount allowed 500
Is 19500 the amount after deduction or Rs. 500 should be deteced from 19500 ??? Pls help Monday tesst....
pls tell me the journal entries for following;
1. paid to mohan on account.
2. drew cash from bank for office use.
3.goods(costing rs.200, selling price r. 250) taken away by proprietor for personal use.
4.rent is due to s.sharma but not yet paid.
5.rent paid in january for 3 months upto march(transaction date in january)
6. paid rent of building by cheque haif of building was used by proprietor for personal use.
Journalise the following transactions:
(a) Mohan started business with cash Rs. 80,000, Machine Rs. 40,000 and Furniture Rs. 20,000.
(b) Rent paid Rs. 12,000 of which Rs. 5,000 relates to next year.
(c) Salary for the month Rs. 20,000 of which only Rs. 14,000 paid.
(d) Bought goods of list price Rs. 40,000 from Mahesh at a trade discount of 10% and cash discount 2%.
(e) Sold goods of list price Rs. 60,000 to Ajay less 10% trade discount and 2% cash discount.
(f) Bought goods of list price Rs. 40,000 from Lakshay at a trade discount of 10% and cash discount 2%.But paid only 40% in cash.
(g) Sold goods of list price Rs. 60,000 to Amar less 10% trade discount and 2% cash discount. Amar paid 60% by cheque.
(h) Sold Goods costing Rs. 36,000 to Akshay invoiced at 25% above cost ,less 10% trade discount and 2 % cash discount. Akshay paid the entire amount in cash.
(i) Bought goods of list price Rs. 20,000 from Vidhi less 10% trade discount and 2% cash discount. Paid the entire amount to Vidhi in cash.
(j) Commission due but not received Rs. 2,000.
(k) Allow interest on capital @ 6% p.a for 6 months (capital amounts to Rs. 1,40,000 )
(l) Paid life insurance premium Rs. 5,000.
(m) Purchased a machine for Rs. 45,000 , paid freight Rs. 2,000 and wages Rs. 3,000 for its installation.
(n) On 1/1/12 Goods costing Rs. 8,000 lost by fire ,the goods were insured and on 5/1/12 insurance company admit a claim of Rs. 6,500 this claim is received on 15/1/12 by cheque.
(o) Paid Income tax Rs. 1,500
(p) Machine of book value Rs. 45,000 exchanged for a new machine of Rs. 80,000, for this purpose old machine was valued at Rs. 28,000 and the balance paid by cheque.
(q) Closing stock i.e. stock at the end of year valued at Rs. 5,000.
(r) Goods costing Rs.4,000 having sales price of Rs. 5,000 distributed as free samples.
(s) Rajesh who owed us Rs. 6,000 declared insolvent and paid only Rs. 3,500.
(t) Received Rs. 2,500 from Rajesh which were written off as bad.
(u) Interest on drawing to be charged Rs. 1,000
Pass the necessary journal entry . A horse bought on April 20 died on April 30. It's carcase was sold for 5000 rupees.
Give journal entries of M/s. Mohit traders; post them to the Ledger from the following transactions:
Commenced business with cash
Opened bank account with H.D.F.C.
Bought goods for cash from M/s. Rupa Traders
Purchased good from M/s. Hema Traders
Sold goods for cash
Sold goods on credit to M/s. Gupta Traders
Paid trade expenses
Received cash from Gupta Traders
Goods return to Hema Traders
Cash paid to Hema Traders
Bought postage stamps
Paid salary to Rishabh
Journal entries for the following :-
What is the difference between LF and JF?
Journalise the following transaction in the books of Sanjana and post them into the ledger:
Cash in hand
Cash at bank
Stock of goods
Due to Rohan
Due from Tarun
Sold goods to Karuna
Goods sold to Heena
Purchased goods from Rupali
Goods returned from Karuna
Cash received from Karuna
Cheque given to Rohan
Cash received from Heena
Cheque received from Tarun
Cheque received from to Heena
Cash given to Rupali
Cheque given to Rupali
Sanjana took goods for Personal use
Paid General expense
show an accounting equation :-
sunil started business with cash 1500000
he paid cartage 500
received rent from tenants 1000
received security deposite from tenants 1500
purches statinory in cash 100
invested in shares (personal) 50000
introduced fresh capital 25000
goods destroyed by 500
plz give me the solution of it . . . . its urgent really need a solution. . .
discounted a bill of RS 1000 at 1% throgh bank
what will be the journal entry for this question?
Received an order from Shyam for supply of goods of the list price of rs. 1,00,000 with an advance advance of 10% of list price. pass the journal entry
how is salary outstanding and rent in advance treated in accounting equation.??
Prepare accounting equation from the foolowing:-
1. Sandeep started business with cash Rs. 1,00,000
2.purcshased furniture for cash Rs. 5,000
3. purchased good for Rs. 20,000
4. purchased good on credit Rs. 36,000
5. paid for rent Rs. 700
6. goods costing s. 40,000 sold at a profit of 20% for cash
in which A/c can we classify bank overdraft A/c ?
personal A/c , real A/c, nominal A/c ....
what is the journal entry for cash embezzled by an employee?
please explain the conservatism principle.
What is the journal entry for "goods use or household"???
life insurance premium of the proprietor will be considered as drawings or an expense..??
Show the accounting equation on the basis of the
Udit started business with:
Purchased building for cash
Purchased goods from Himani
Sold goods to Ashu (Cost Rs 25,000)
Paid insurance premium
Depreciation on building
Cash withdrawn for personal use
Rent received in advance
Cash paid to Himani on account
Cash received from Ashu
how to do this equation (fresh capital invested) RS.50,000????????? plzz answer it fast..........
Mohit has the following transactions, prepare accounting
Business started with cash
Purchased goods from Rohit
Sales goods on credit to Manish (Costing Rs 17,500)
Purchased furniture for office use
Cash paid to Rohit in full settlement
Cash received from Manish
Cash withdrew for personal use
Plz explain me the following :
Rahul become insolvent, who owed is Rs 2,000 a final dividend of 60 paise in a rupee is received from his estate.
give the journal entry of timber costing 5000rs was used for furnishing the office.
i want to make accounts project choosing any sole proprietor business and preparing atleast 30 transactions...plsss help me in choosing a business and tell me transactions also...
Issued a cheque in facour of M/s .Paramatma Singh& sons on account of purchase of goods worth $7500
What is the meaning of ' Honoured our own acceptance' ?
Charge depreciation @ 10% p.a for two month on machine costing Rs 30,000.
How do you journalise this and why does the amount become 500?
difference between outstanding income and accrued income?
Journalise the following transaction in the Books of the M/s. Bhanu Traders and Post them into the Ledger.
Started business with cash
Deposited into bank
Bought goods on credit from Himani
Purchased goods from cash
Returned goods to Himani
Sold goods for cash
Cheque given to Himani
Goods sold to M/s. Goyal TradeRs
Drew cash from bank for personal use
Goyal traders returned goods
Cash deposited into bank
Cheque received from Goyal Traders
Goods given as charity
Office machine purchased for cash
what is the journal entry for cash embezzled by an employee Rs. 2000?
Use accounting equation to show the effect of the
following transactions of M/s Royal Traders:
Purchased goods for cash
Sold goods for cash (costing Rs 5,000)
Goods destroyed by fire
Journalise the following transactions, post to the
Business started with
Purchased goods from Harish
Purchase furniture for cash
Cash paid to Harish on account
Paid sundry expenses
Drew cash for personal use
Cash paid to Harish in full settlement of account
Good sold to Nitesh
Received cash from Nitesh
Salary paid 3,000
Pss Journal entries and prepare ledger accounts:
Mar. 1 . csh in hand-5500,bank-4500,machinery rs.15000, debtors-Ram-150 Sonu-2000, bank loan-10000, creditors-Sudha-2300.
Mar. 5.purchased goods from Sudha for rs. 1500.
Mar. 10 received cash from Sonu on account.
Mar. 15 cash deposits in bank rs. 2300.
Mar 31 paid to Sudha on account rs. 3500 by cheque.
Mar. 31 depriciation charged on machinery rs.1000. Paid bank loan instalment rs 1000.
what will be the journal entry of " GOODS LOST IN FIRE 2000 " ?????
accounting equation on the basis of the following:
Harsha started business with cash Rs 2,00,000
Purchased goods from Naman for cash Rs 40,000
Sold goods to Bhanu costing Rs 10,000/- Rs 12,000
Bought furniture on credit Rs 7,000
1)Paid salary Rs.450 and salary outstanding being Rs.100
2)Goods destroyed by fire Rs.500
I NEED THE ACCOUNTING EQUATION OF THIS, AS SOON AS POSSIBLE
purchase furniture for6000 for the proprietor and paid the amount by cheque
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