Accounting Transactions Exercises III

Accounting Transactions Exercises

TRANSACTIONS EXERCISES:

Transactions Question:

David started business with cash.
William purchased furniture from David to cash.
William paid for furniture to David.
David sold the machine to William for cash.
David received cash for sale.
William bought goods from David on credit.
Sold furniture to William by David on credit.
Cash deposit into Bank by David.
Withdraw cash from debit by William.
Withdraw cash from the Bank for personal uses.
Spent cash by David for office use.
William purchased fixed assets for business use to cash.
Paid to business promotion.
Paid interest.
Received rent as a cash.
Paid cash for furniture.
Paid wages.
Paid advertisement.
Received deduction as a Tax.
Paid cash for purchase.

Transactions Answers:

Cash a/c Dr.

to Capital a/c Cr.

Furniture a/c Dr.

to Cash a/c Cr.

Furniture a/c Dr.

to Cash a/c Cr.

Machine a/c Dr.

to Cash a/c Cr.

Cash a/c Dr.

to Sales a/c Cr.

Purchase a/c Dr.

to David a/c Cr.

William A/c Dr.

to Furniture a/c Cr.

Bank a/c Dr.

to David a/c Cr.

Cash a/c Dr.

to William a/c Cr.

Cash a/c Dr.

to Drawing a/c Cr.

Cash a/c Dr.

to David a/c Cr.

Purchase a/c Dr.

to Capital a/c Cr.

Cash a/c Dr.

to Direct expenses Cr.

Interest a/c Dr.

to Cash a/c Cr.

Rent a/c Dr.

to Cash a/c Cr.

Furniture a/c Dr.

to cash a/c Cr.

Wages a/c Dr.

to Cash a/c Cr.

Advertisement a/c Dr.

to Cash a/c Cr.

Deduction a/c Dr.

to Tax a/c Cr.

Purchase a/c Dr.

to Cash a/c Cr.

Real Account

Comments

Tally & Tally.ERP9

TALLY T ally is a complete accounting package. It is used to maintain the all transaction as an account. In tally we can maintain all daily transactions as a sales account and purchase account. By the help of Tally we can create many accounts. In which include income & expenses account, profit & loss account, trading & non-trading account. We can also create trial balance or balance sheet. VERSION OF TALLY: 1. Tally 4.5 2. Tally 5.4 3. Tally 6.3 4. Tally 7.2 5. Tally 8.1 6. Tally 9.0 7. Tally ERP9 TYPE OF MODE: 1. Educational mode. 2. Professional mode. TYPE OF TALLY: 1. Tally Silver (Single user) 2. Tally Gold (Multi user) MASTER KEY: 1. Enter Ke...

PURCHASE RETURN | SALES RETURN | DEPRECIATION | APPRECIATION

Purchase Return: These transaction are those transaction in which customer have to return any purchase items or assets to supplier. Sales Return: These transaction are those transaction in which the customer have to sales return to supplier. full-width Depreciation: These amount are those amount which have to reduce according to the value of fixed assets. Appreciation: These amount are those amount which value have to increase of the fixed assets according to time period. Like: loan and building.

Nominal Accounts

Nominal Accounts: These accounts are those accounts in which transactions will be maintained as income/ expense or profit/ loss between supplier and Customer. Rule or Formulas All expenses and losses always Dr. side. All income and gains always Cr. side. Discount allowance(DA) always Dr. side. Discount received(DR) always Cr. Side. Transactions: Purchase goods by David from William to cash $1200 and discount received $300. Purchase a/c - Dr. $1500 to DR - Cr. $300 to Cash - Cr. $1200 Purchase furniture from David to cash $750 and discount received $250. Purchase a/c - Dr. $100 to DR - Cr. $250 to Cash - Cr. $750 Sold goods to William for cash $2000 and discounts allow $1200. Cash a/c - Dr. $2000 DA a/c - Dr...

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