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