10 Tables @ Rs.350 3,500 12,000 Cr. Rs. Particulars Rs. Rs. 60,000 By Sales 10,40,000 Date ParticularsNote L.F. Details Total Remarks No. Rs. Rs.
x x x ii. Such a system does not facilitate the installation of an internal check system since the journal can be handled by only one person. iii. The journal becomes bulky and voluminous. 2003 1,000 Remarks Not in 2. Purpose To help the retailer to earn some profit. 3. Time when allowed It is allowed on the purchase of goods.
Step 1 → Individual amounts are daily posted to the debit of supplier accounts by writing “To Purchases Return A/c” in the particulars column. Step 2 → Periodic total is posted to the credit of purchases return account by writing “By Sundries as per Purchases Return Book” in the particulars column. 135 Transaction 5: Goods costing Rs.25,000 sold on credit for Rs.35,000. The above transaction will give rise to a new asset in the form of Debtors to the extent of Rs.35,000. But the stock of goods will be reduced by Rs.25,000 i.e., the cost of goods sold. The net increase of Rs.10,000 is the amount of revenue which will be added to the capital.
Accountants In Sherrard’s Green Date Particulars L.FDebit Credit Rs. P. Rs. P. 2004 Cash A/c Dr. 12 25,000 Jan 3 To Balan’s A/c 81 25,000 – (Cash received from Canara Bank, Trichy. Plant and Machinery xxx Accountants In Torton iv. The banker has paid the bills payable of the customer as per standing instructions . rs. rs. 36,320 Purchases
Accountants In Ankerdine Hill Rectify the following errors: Credit Purchases return A/c (Answer : Cash balance Rs.42,000; bank balance (cr) Rs.300) 10. Prepare a cash book with cash, bank and discount columns from the transactions given below: 26 To Somu Accountants In Woodmancote 2. Parties 7. What is a credit note? closing stock on 31st March 2000 was Rs.
Accountants In Woodmancote 2. Parties 7. What is a credit note? Closing stock on 31st March 2000 was Rs. 30,000. 306, Anna Salai, Chennai – 600 002. Bill of exchange 328, Bazaar Street, Stamp Trichy – 4, Accepted 01.06.2003 rs. 10,000/Sundaram4/6/2003 2. cheques issued on June 20, 2003 but not yet presented for payment 15,000 c) credit side
Find out the rules of debit and credit. 4 Cheque received from Daniel Rs.5,000 sent to bank. 2003
institutions creditors decrease ii. capital loss Rs.500 – as they have incurred a loss on sale of fixed asset and Rs.9,500 will be a capital receipt as it is a sale of fixed asset. Credit the giver Determine the two accounts involved in the transaction. Rent
Accountants In Torton iv. The banker has paid the bills payable of the customer as per standing instructions . rs. rs. 36,320 Purchases 1,44,670 15 Purchased goods from Siva 15,000 5. paid rent 2,000 1(b) 5. This is an error of complete omission. Since both the aspects have been omitted, this error will not affect the agreement of
20 Pradeep sold goods to us Rs.20,000 30.08.03 By B/R order
J.F Capital A/c) 1,000 3,000 By Discount received 5,000 To Bad debts date particulars J.FAmount Date Particulars J.FAmount Rs. Rs. This order is exactly the reverse of the above. Assets and liabilities are recorded in the order of their life in the business concern.
1.7.1 Transactions Transactions are those activities of a business, which involve transfer of money or goods or services between two persons or two accounts. For example, purchase of goods, sale of goods, borrowing from bank, lending of money, salaries paid, rent paid, commission received and dividend received. transactions are of two types, namely, cash and credit transactions. 10 Washing Machines 15,000 1,50,000 I llustration 1 b) the bank column of a customer’s cash book. 2.3.1 Cost Benefit Principle This modifying principle states that the cost of applying a principle should not be more than the benefit derived from it. If the cost is more than the benefit then that principle should be modified.
Double column cash book of (name) ………………………………………………. Rupees ………………………………………………….. …………………………………………. 1(a)