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Question
Select appropriate alternatives from those given below and rewrite the sentence.
In case of a credit transaction one of the account must be a …………….account
Options
Cash
Credit
Personal
Debit
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Solution
In case of a credit transaction one of the account must be a Personal account
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| 2016 Jan. | Particulars | ₹ |
| 1 | Started business with cash | 10,000 |
| 5 | Paid into bank | 5,000 |
| 7 | Purchased goods from Ram for cash | 1,000 |
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| 2017 Aug. | Particulars | ₹ |
| 1 | Dharma started business with cash | 70,000 |
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| 20 | Received commission from Anand | 5,000 |
Prepare Furniture A/c from the following transactions.
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| 1 | Furniture in hand | 2,000 |
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| 2016 June | Particulars | ₹ |
| 1 | Commenced business with cash | 1,10,000 |
| 10 | Introduced additional capital | 50,000 |
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Give Journal entries for the following transactions and post them to Cash a/c and Sales A/c.
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| 10 | Sold goods and cheque received but not deposited | 30,000 |
| 14 | Sold goods on credit to Gopi | 12,000 |
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| 2017 Oct | Particulars | ₹ |
| 1 | Started business with cash | 25,000 |
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| 19 | Sold goods to Vasu on credit | 4,000 |
| 22 | Goods worth has taken for personal use | 500 |
Show the direct ledger postings for the following transactions:
| 2017 June | Particulars |
| 1 | Raja commenced business with cash ₹ 50,000 |
| 6 | Sold goods for cash ₹ 8,000 |
| 8 | Sold goods to Devi on credit ₹ 9,000 |
| 15 | Goods purchased for cash ₹ 4,000 |
| 20 | Goods purchased from Shanthi on credit ₹ 5,000 |
Put ‘4’ mark for the nature of balance for the following.
| Account | Dr. Balance | Cr. Balance |
| 1. Capital A/c | ||
| 2. Goodwill | ||
| 3. Bank Overdraft | ||
| 4. Bills Receivable | ||
| 5. Creditors | ||
| 6. Drawings | ||
| 7. Advertisement | ||
| 8. Prepaid Rent | ||
| 9. Outstanding Salary | ||
| 10. Bad debts |
