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. $1200

to Sale a/c - Cr. $3200

David sold goods to William for cash $700 and DA $250.

Cash a/c - Dr. $700

DA a/c - Dr. $250

to Sale a/c - Cr. $950

Purchase furniture by William to cash $1500 and DR $1000.

Furniture a/c - Dr. $2500

to DR a/c - Cr. $1000

to Cash a/c - Cr. $1500

Machine bought from David to cash and DR $225 and $275.

Machine a/c - Dr. $1500

to DR a/c - Cr. $225

to Cash a/c - Cr. $1275

David received cash $1575 and DA $25 for sale.

Cash a/c - Dr. $1575

to DA a/c - Dr. $25

to Sale a/c - Cr. $1600

Purchase goods from David $700 and DR $300.

Purchase a/c - Dr. $1000

to DR a/c - Cr. $300

to Cash a/c - Cr. $700

William paid cash $1500 for purchase furniture from David and DR $150.

Furniture a/c - Dr. $1650

to DR a/c - Cr. $150

to Cash a/c - Cr. $1500

Sold machine for cash and DA $150 and $1500.

Cash a/c - Dr. $1500

to DA a/c - Dr. $150

to Machine a/c - Cr. $1650

Paid cash with discount $120 on $800.

Purchase a/c - Dr. $920

to DR a/c - Cr. $20

to Cash a/c - Cr. $800

Received cash $800 and discount $200 given by David to William.

Purchase a/c - Dr. $1000

to DR a/c - Cr. $200

to Cash a/c - Cr. $800

William bought furniture with a discount of $200 on $1000.

Furniture a/c - Dr. $1000

to DR a/c - Cr. $200

to Cash a/c - Cr. $800

Comments

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