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Śěřãj The Cute? 4 years, 11 months ago
Posted by .... .... 5 years ago
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Posted by Tasya Agrawal 5 years ago
- 1 answers
Yogita Ingle 5 years ago
T-accounts are simply another way of representing an account.
There is one T-account for each account on a balance sheet.
Each T-account contains the name and balance (current dollar value) of a particular account.
The current value of a T-account is always taken from the most recently prepared balance sheet.
The opening and normal balance of an asset account goes on the left side of a T-account because assets appear on the left side of a balance sheet.
On the other hand, the opening and normal balance of a liability or owner’s equity (capital) account goes on the right side of a T-account because liabilities and owner’s equity appear on the right side of a balance sheet.
Posted by Mohammad Iqbal 5 years ago
- 3 answers
Posted by Mansi Yadav 3 years, 5 months ago
- 2 answers
Gaurav Seth 5 years ago
Following are the transactions for the period April 20×1 to March 20×2 in the books of Michael Traders
| 1-Apr | Michael started business with cash 600,000, cash at Bank of America 700,000, furniture 200,000. |
| 1-Apr | Purchased Plant & Machinery worth 250,000 by cheque. |
| 25-Apr | Purchased goods from ABC Ltd worth 800,000 @10% trade discount. |
| 5-May | Cash Sales 1,000,000 @5% trade discount to XYZ Traders |
| 15-May | Deposited cash with Bank of America 500,000. |
| 5-Jun | Paid ABC Ltd 300,000 in cash. |
| 10-Jun | Received commission 75,000 by cheque. |
| 25-Jun | Cash Purchases 250,000. |
| 5-Jul | Sold goods to XYZ Traders 475,000. |
| 15-Jul | Received 275,000 by cheque from XYZ Traders. |
| 5-Aug | Loan taken from Bank of America 200,000 |
| 25-Aug | Purchased goods from ABC Ltd 50,000. |
| 27-Aug | Withdrew cash from bank 10,000. |
| 5-Sep | Received commission 55,000 in cash. |
| 10-Sep | Paid ABC Ltd 70,000 by cheque. |
| 20-Sep | Received 90,000 in cash from XYZ Traders. |
| 1-Oct | Bank loan repaid 50,000. |
| 25-Oct | Cash Purchases 25,000. |
| 5-Nov | Sold goods to XYZ Traders 47,000. |
| 15-Nov | Withdrew cash from bank 15,000. |
| 5-Dec | Received interest from bank 5,000. |
| 25-Dec | Purchased goods from ABC Ltd 75,000. |
| 5-Jan | Cash Sales 100,000. |
| 15-Jan | Deposited cash with Bank of America 35,000. |
| 25-Feb | Cash Purchases 450,000. |
| 28-Feb | Office was taken on rent in the month of Feb. Office rent paid in cash 50,000. |
| 28-Feb | Employees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 30,000 for the month of Feb 20×2. |
| 5-Mar | Sold goods to XYZ Traders 675,000. |
| 31-Mar | Paid office rent by cheque 50,000. |
| 31-Mar | Paid salary in cash 30,000 for the month of March 20×2. |
For answers click on the given link:
<a data-ved="2ahUKEwi8jbmL6tztAhXDgeYKHbf5DlsQFjAAegQIARAC" href="https://www.accountingcapital.com/question/can-you-show-30-transactions-of-journal-ledger-trial-balance-and-financial-statements/" ping="/url?sa=t&source=web&rct=j&url=https://www.accountingcapital.com/question/can-you-show-30-transactions-of-journal-ledger-trial-balance-and-financial-statements/&ved=2ahUKEwi8jbmL6tztAhXDgeYKHbf5DlsQFjAAegQIARAC" rel="noopener" target="_blank">Show 30 transactions of journal, ledger, trial balance ...</a>
Posted by Arpit Gupta 5 years ago
- 1 answers
Gaurav Dadhich 4 years, 11 months ago
Posted by Mansi Chidar 5 years ago
- 2 answers
Yogita Ingle 5 years ago
- In the given case,it has been stated that the Marketing Manager had resigned from his post and such resignation was not recorded in the books of Accounts of the organisation.
- The treatment of such resignation,of not recording it,by the organisation is correct and justified.
- In the books of accounts,only those transactions are recorded which can be expressed in monetary terms ignoring the qualitative aspects of such transactions.
- The resignation of Marketing Manager is a case of Human Resource Management and therefore,cannot be recorded in the books of accounts.
Posted by Tripti Koshta 5 years ago
- 1 answers
Gaurav Seth 5 years ago
The real accounts are the balance sheet accounts such as the accounts for recording assets, liabilities, and the owner's (or stockholders') equity. Business transactions are events that have a monetary impact on the financial statements of an organisation. When accounting for these transactions, numbers are recorded in two accounts, where the debit column is on the left and the credit column is on the right.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It si positioned to the left in the accounting entry.
Assets, expenses, losses and the owner's drawing account will normally have debit balances. Their balances will increase with a debit entry, and will decrease with a credit entry.
Posted by Jagdish Bisht 5 years ago
- 0 answers
Posted by Sachin Tiwari 5 years ago
- 1 answers
Gaurav Seth 5 years ago
|
Two Column Cash Book |
|||||||||
|
Date |
Particulars |
L.F. |
Cash |
Bank |
Date |
Particulars |
L.F. |
Cash |
Bank |
|
2012 |
|
|
|
|
|
|
|
|
|
|
Jan. 01 |
Balance b/d |
|
4,000 |
12,000 |
Jan. 07 |
Salaries |
|
|
|
|
Jan. 04 |
Sales A/c |
|
13,200 |
|
Jan. 10 |
Sudhir |
|
|
5,000 |
|
Jan. 05 |
Suresh |
|
2,500 |
|
Jan. 12 |
Travelling Expenses |
|
1,200 |
|
|
Jan. 06 |
Ravi |
|
|
6,400 |
Jan. 15 |
Purchases |
|
|
|
|
Jan. 16 |
Cash |
C |
|
10,000 |
Jan. 16 |
Bank |
C |
10,000 |
|
|
Jan. 20 |
Sales |
|
15,100 |
|
Jan. 21 |
Machinery |
|
|
6,800 |
|
Jan. 22 |
Bank |
C |
7,500 |
|
Jan. 21 |
Machinery |
|
400 |
|
|
Jan. 23 |
Anil |
|
|
4,600 |
Jan. 22 |
Cash |
C |
|
7,500 |
|
Jan. 31 |
Cash |
C |
|
1,200 |
Jan. 27 |
Anil |
|
|
4,600 |
|
|
|
|
|
|
Jan. 28 |
Typewriter |
|
|
8,000 |
|
|
|
|
|
|
Jan. 30 |
Salary |
|
120 |
|
|
|
|
|
|
|
Jan. 31 |
Bank |
C |
1,200 |
|
|
|
|
|
|
|
Jan. 31 |
Balance c/d |
|
29,380 |
2,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,300 |
34,200 |
|
|
|
42,300 |
34,200 |
|
|
|
|
|
|
|
|
|
|
|
Notes:
- Purchase of Machinery is assumed to be made on January 20 as the date is not mentioned.
- Wages paid for installation of Machinery that is paid on January 21 is assumed to be paid in cash, therefore, recorded in the cash column.
- The amount paid for salaries by cheque on January 07, 2012 and the amount of cash purchases made on January 15 is missing in the given question. Therefore, these transactions are not recorded in the Cash Book. However, if amounts are given, then we record Salaries paid by cheque on the credit side in the Bank column and Cash purchases are recorded on the credit side in the Cash column.
Posted by Paras Negi 5 years ago
- 2 answers
Posted by Khushi Modi 5 years ago
- 1 answers
Posted by Pooja Bawa 5 years ago
- 2 answers
Posted by The Seven 5 years ago
- 1 answers
Yogita Ingle 5 years ago
Rectify the following errors:
i. Sales to Vinod of Rs.143 posted to his account as Rs.134.
ii. Sales to Vinod of Rs.143 debited to his account as Rs.134.
iii. Sales to Vinod of Rs.143 credited to his account as Rs.134.
Ans
Journal Entries
Posted by Jahanvi Gupta 5 years ago
- 1 answers
Gaurav Seth 5 years ago
The fundamental accounting equation is assets= capital + liabilities.
As every accounting equation has two effects( debit and credit). Revenues lead to increase in assets or capital while expenses reduce assets and may also create liability. Revenue and expenses, therefore, are the reasons for stability and soundness of the balance sheet.
Posted by Śěřãj The Cute? 5 years ago
- 4 answers
Rutva Dharmeshkumar Patel 4 years, 11 months ago
Posted by Śěřãj The Cute? 5 years ago
- 1 answers
Yogita Ingle 5 years ago
Contra entry represents deposits or withdrawals of cash from bank or vice versa. The purpose of contra entry is to indicate the transactions that effect both cash and bank balances. This entry does not affect the financial positions of a business. A contra entry is recorded in both sides of a two column Cash Book and is denoted by ‘C’ in the ledger folio column.
Posted by Tanya Tiwari 5 years ago
- 5 answers
Posted by Amit Singh 5 years ago
- 1 answers
Posted by Utkarsh Singh 5 years ago
- 1 answers
Posted by Thiem Kipgen 5 years ago
- 1 answers
Gaurav Seth 5 years ago
-
Creating Provision for Depreciation Account− Under this method, depreciation is not credited to the Assets Account; in fact, it is credited to the provision for Depreciation Account. At the year end, asset is shown at the original cost in the Balance Sheet and total depreciation up to the date of Balance Sheet is shown as Provision for Depreciation Account.
Journal entries for depreciation are:
Charging Depreciation
|
Depreciation A/c |
Dr. |
|
|
To Provision for Depreciation A/c |
||
|
(Depreciation charged) |
Closing of Depreciation Account
|
Profit and Loss A/c |
Dr. |
|
|
To Depreciation A/c |
||
|
(Depreciation account is transferred to Profit and Loss Account) |
When the asset is sold, the accumulated depreciation on that asset is credited to the Asset Account by passing the following Journal entry:
|
Provision for Depreciation A/c |
Dr. |
|
|
To Asset A/c |
||
|
(Accumulated depreciation transferred to Assets Account) |
Posted by Vijaya Khatri 5 years ago
- 0 answers
Posted by Khushi Meena 5 years ago
- 3 answers
Posted by Sumit Dubey 5 years ago
- 1 answers
Posted by Kishan Mehto 5 years ago
- 0 answers
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