Answer in One Sentence:What is meant by simple entry ? - Book Keeping and Accountancy

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Answer in One Sentence:
What is meant by simple entry ?

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Solution

For a transaction, entry in which only two accounts are affected, one account is debited and the other account is credited, is known as simple entry.
Concept: Recording of Journal Entries
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Chapter 3: Journal - Exercises [Page 81]

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Journalise the following transactions in the books of Anand General Merchants.

2019 April Transactions
1 Mr. Anand started the business with cash of ₹ 60,000.
5 Purchased goods for cash ₹ 30,000.
Sold goods of ₹ 10,000 to Suresh.
10  Purchased Furniture from Mr. Govind on credit ₹ 30,000.
15 Paid for Rent ₹ 3000 and paid by debit card.
21 Purchased goods from Urmila on credit ₹ 70,000.
27 Paid for Transport ₹ 1,000 to United Transport.
30 Paid to Urmila ₹ 20,000 on behalf of Sharmila.

Journalise the following transactions in the books of Anand General Merchants.

2019 April  
1 Mr. Anand started business with cash ₹ 60,000.
5 Purchased goods for cash ₹ 30,000.
7 Sold goods of ₹ 10,000 to Suresh.
10 Purchased Furniture from Mr. Govind on credit ₹ 30,000.
15 Paid for Rent ₹ 3000 and paid by debit card.
21 Purchased goods from Urmila on credit ₹ 70,000.
27 Paid for Transport ₹ 1,000 to United Transport.
30 Paid to Urmila ₹ 20,000 on behalf of Sharmila.

Journalise the following transactions in the books of Anand General Merchants.

2019    
April 1 Mr. Anand started the business with cash ₹ 60,000.
  5 Purchased goods for cash ₹ 30,000.
  7 Sold goods of ₹ 10,000 to Suresh.
  10 Purchased Furniture from Mr. Govind on credit ₹ 30,000.
  15 Paid for Rent ₹ 3000 and paid by debit card.
  21 Purchased goods from Urmila on credit ₹ 70,000.
  27 Paid for Transport ₹ 1,000 to United Transport.
  30 Paid to Urmila ₹ 20,000 on behalf of Sharmila

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