MGT101 - Financial Accounting
Sunday, October 18, 2009 Posted In Acc Edit This
Sr. No Transactions Account to be Debited Account to be Credited Increase or decrease (affect on accounts due to transactions)
1 Mr. A invested in business Rs.50,000 Cash Mr. A’s Capital Increase in asset Increase in Owner’s Equity
2 Purchased furniture for cash Rs.15,000 for office use Furniture Cash Increase in Asset Decrease in Asset
3 Paid salaries of Rs.4,000 to office staff Salaries Cash
Increase in Expense
Decrease In Asset
4 Received commission on sale of goods worth Rs.1,000 Cash Commission
Increase in Asset
Increase in Revenue
5 Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.
Cash
Mr. Bilal
Increase in Asset
Decrease in Asset
1 Mr. A invested in business Rs.50,000 Cash Mr. A’s Capital Increase in asset Increase in Owner’s Equity
2 Purchased furniture for cash Rs.15,000 for office use Furniture Cash Increase in Asset Decrease in Asset
3 Paid salaries of Rs.4,000 to office staff Salaries Cash
Increase in Expense
Decrease In Asset
4 Received commission on sale of goods worth Rs.1,000 Cash Commission
Increase in Asset
Increase in Revenue
5 Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.
Cash
Mr. Bilal
Increase in Asset
Decrease in Asset
