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1. Analyze the following transaction under traditional approach. 18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000 19.1.2011 Paid Ramu by cheque Rs.1,50,000 20.1.2011 Paid salary Rs. 30,000 20.1.2011 Paid rent by cheque Rs. 8,000 21.1.2011 Goods withdrawn for personal use Rs. 5,000 25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000 26.1.2011 Received an advance from customers Rs. 3,00,000 31.1.2011 Paid interest on loan Rs. 5,000 31.1.2011 Paid instalment of loan Rs. 25,000 31.1.2011 Interest allowed by bank Rs. 8,000 Analysis of transaction –with accounts involved-nature of account-affects and debit/credit

February 27, 2015 By: Meliza Category: 1st SEM

 Solution:-

Sl. No. Accounts Involved Nature of account

 

Affects

 

Debit/ Credit

 

1 Cash a/c

Sanjay a/c

Real

Personal

Cash (cheque) is coming in

Sanjay is the giver

Debit

Credit

2 Ram’s a/c

Bank a/c

Personal

Personal

Ram is the receiver

Bank is the giver

Debit

Credit

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