We can take the
following transactions and mention which accounts are involved in
each case and which of them is to be debited and credited
April 2 Bought
goods from AJAY Rs 8000
10 Paid
cash to AJAY Rs 5000
21 Sold
goods to vikram Rs 3000
25
Received cash from vikram Rs 2000
30 Paid
salaries to employees Rs 500
30
Received commission Rs 250
In the following
table, we show the accounts to be debited and credited in the case of
each transaction.
Date of transaction |
Account to be debited
|
Account to be credited
|
Type of account |
Reason for debit or credit |
Apr - 02 |
Goods A/c ................... |
.................... Ajay A/c |
Real Personal |
Good come in Ajay is the giver |
Apr - 10 |
Ajay A/c ............... |
.................. Cash A/c |
Personal Real |
Ajay is the receiver. cash goes out |
Apr - 21 |
Vikram A/c .................. |
................. Goods A/c |
Personal Real |
Vikram is the receiver. Goods goes out |
Apr - 25 |
Cash A/c ................. |
............... Vikram A/c |
Real Personal |
Cash comes in vikram is the giver |
Apr - 30 |
Salaries A/c .................. |
................. Cash A/c |
Nominal
Real |
Expense Cash goes out |
Apr - 30 |
Cash A/c .................. |
................. Commission A/c |
Real Nominal |
Cash come in Income |
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