unit-4-accounting-process-and-rules

Unit-4 Accounting Process and Rules

This unit explains stages in accounting process, different classes of accounts, the principle of double entry, and the rules of debit and credit.

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Ram had the following transactions. Determine that accounts to be debited and credited:                                                                                                                    

a)Command business with cash                                                                        1,00,000

b)Purchased goods for cash                                                                               15,000

c)Paid for advertisement                                                                                      600

d)Bought goods from P & Co. on credit                                                             20,000

e)Sold goods for cash                                                                                          6000

f)Sold goods to Z on credit                                                                                 12,000

g)Paid commission                                                                                                900

h)Paid salaries                                                                                                        8000

i)Paid rent                                                                                                               600

j)Loan taken from Hirala                                                                                        50,000


From the following transactions determine the accounts affected, classify them and state whether it is to be debited or credited.                                                                                              Rs.

a) Purchased typewriter for cash                                                                                    5,000

b) Purchased furniture from R & Co. on credit                                                               50,000

c) Interest received                                                                                                         300

d) Paid wages                                                                                                                 800

e) Received cash from A                                                                                                 2,000

f) Additional capital introduced into the business                                                            5,000

g) Paid cash to B                                                                                                             1,500

h) Paid carriage                                                                                                               200

i) Purchased goods from F & Co. on credit                                                                    12,000

j) Sold goods for cash                                                                                                     1,400


Ram had the following transactions. Determine that accounts to be debited and credited:                                                                                                                    

a)Command business with cash                                                                        1,00,000

b)Purchased goods for cash                                                                               15,000

c)Paid for advertisement                                                                                      600

d)Bought goods from P & Co. on credit                                                             20,000

e)Sold goods for cash                                                                                          6000

f)Sold goods to Z on credit                                                                                 12,000

g)Paid commission                                                                                                900

h)Paid salaries                                                                                                        8000

i)Paid rent                                                                                                               600

j)Loan taken from Hirala                                                                                        50,000


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