Answer / sridharan.v

i) Cash A/c Dr 5000
To Capital A/c 5000
(Being Capital Contributed)

ii) Purchases A/c Dr 1000
To Cash A/c 1000
(Being CASH Purchase Made)

iii) Ravi A/c Dr 500
To Furniture A/c 500
(Being Furniture Sold on Credit)

iv)Cash A/c Dr 800
To Sales A/c 800
(Being Cash Sales Made)

v) Purchases A/c Dr 600
To Cash A/c 600
(Being Cash Purchaes Made)

vi) Printing & Stationery A/c Dr 10
TO Petty Cash A/c 10
(Being Stamps Purchased)

vii) Drawings/Capital A/c Dr 1000
To Cash 1000
(Being Cash Withdrawn Frm Business)

viii&ix) Salaries A/c Dr 500
Rent A/c Dr 200
To Cash/bank 700
(Being Salary & Rent Paid)

x) Cash A/c Dr 50
To Commission Received A/c 50
(Being Commission Received Frm Mani)

xi) Repairs & Maintenance A/c Dr 30
TO Cash A/c 30
(Being Repairs Made to Machinery)

xii) Cash A/c Dr 400
To Ravi A/c 400
(Being Cash Received)

Xiii) Salaries Advences A/c Dr 500
To Babu A/c 500
(Being Loan Provided to Mr. Babu)

xiv) Purchases A/c Dr 400
TO Sachin A/c 400
(Being Credit Purchases Made)

xv) Bank A/c Dr 1000
To Cash A/c 1000
(Being BAnk Account Opened)

xvi)Mohan/Cash A/c Dr 50
To Commission Receivable/Commission Received A/c 50
(Being Comission Charged to Mohan)

xvii) Cash A/c Dr 30
To Interest on Loan A/c 30
(Being Interest On Loan Received)

xviii) Cash A/c Dr 10000
To Manju 10000
(Being Loan (Cash)Received From Manju )

xix) Theift A/c Dr 500
To Office Furniture A/c 500
(Being Office Furniture Stolen)

xx) IT Exp A/c Dr 5000
To Bank 5000
(Being IT Paid)
xxi) LIC Premium A/c Dr 300
To Cash/ Bank 300
(Being LIC Preimum paid & Treated as Expenses)

xxii) Discount Allowed A/c Dr 90
To Cash A/c 90
(Discount Allowed to Babu)

xxiii) Cash A/c Dr 150
TO Discount Received A/c 150
(Being Discount Received)

xxiv) Bank Chgs A/c Dr 30
To Cash 30
(Being Bank Chgs Debited by Bank)

xxv) Railway Freight A/c Dr 100
TO Cash A/c 100
(Being Railway Freight Paid)

Answer / aditya poddar

Last 4 entries for the transactions in above answer needs
some corrections. Though they are very minor ones.

They are as under:
22.)
Discount Allowed A/c Dr. Rs. 90
To Babu A/c Rs. 90
(Discount is not given in cash)
(Even if it is cash discount or trade discount it is
deducted from the bill amount or payment amount and not
paid/received in cash.)

23. Similar to the above reply discount will not be
received in cash.
Santosh A/c Dr. Rs. 150
To Discount Recieved A/c Rs. 150

24.
Bank Charges A/c Dr. Rs.30
To Bank A/c Rs. 30
(Since bank charges would be debited from your bank account
and not paid in cash.)

25.
Machinery A/c Dr. Rs. 100
To Railway Freight A/c Rs. 100
(Since the cost incurred on fixed asset to bring it to
ready to use condition is supposed to be capitalised. And
machinery is a Capital Asset, thus the freight charges will
be added to cost of machinery.)

Railway Freight A/c Dr. Rs. 100
To Cash A/c Rs. 100

What is the mean of internal audit?

0 Answers  

---

plz guide me about study?

2 Answers  

---

hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?

0 Answers  

---

can external audit be seen as merely an overhead cost adding no value to the orgnisation

1 Answers  

---

Why do you want to join audit?

0 Answers   Ernst Young,

---

Expand---------RDES

1 Answers  

---

Alpha Co. issued to the public for subscription 40000 shares of rs 10 each at discount of 10%payable as rs. 2 each on application, allotment and first call and rs.3 on the final call. Applications were received for 60000 shares and allotment was made pro-rata to 80% of applicants. R to whom 2000 shares were allotted paid only the application money, and S who had applied for 3000 shares,paid the entire call money due along with the allotment. pass journal entries to record the above transaction.

0 Answers  

---

we want to know that the rate of TDS on contractor , rent, Professional and also know that what is the minimum amount for TDS on Contractor , Professional

4 Answers  

---

what was ur role in team?

2 Answers   Air Force, Bharti,

---

What is the mean of decommission liability?

0 Answers  

---

What was your most rewarding accomplishment of your career and why

0 Answers   Ricoh India,

---

what is the accounting cycle

2 Answers  

---