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Question No 27 Chapter No 4
27. Analyse the following transactions using the rule of Debit and Credit under the modern classification of Account:
| (i) Somnath Started business with Cash Rs 5,00,000 |
| (ii) Purchased goods for cash Rs 80,000 |
| (iii) Borrowed from Bhupinder Rs 60,000 |
| (vi) Purchased Furniture for office Rs 1,00,000 |
| (v) Purchased goods on credit from Manta Rs 45,000 |
| (vi) Sold goods for cash Rs 32,000 |
| (vii) Cash paid to Mamta Rs 18,000 |
| (viii) Sold goods on credit to Shahid Rs 25,000 |
| S. No. | Particulars | Name Of Account |
Type Of Modern Account |
|---|---|---|---|
| i | Somnath Started Business with cash Rs 5,00,000 | Cash | Assets |
| Capital | Capital | ||
| ii | Purchased goods for Cash Rs 80,000 | Purchased | Assets |
| Cash | Assets | ||
| iii | Borrowed from Bhupinder Rs 60,000 | Bhupinder | Lability |
| Cash | Assets | ||
| iv | Purchased furniture for office Rs 1,00,000 | Furniture | Assets |
| Cash | Assets | ||
| v | Purchased goods on credit from Mamta Rs 45,000 | Purchase | Assets |
| Mamta | Lability | ||
| vi | Sold goods for Cash Rs 32,000 | Cash | Assets |
| Sale | Assets | ||
| vii | Cash paid to Mamta | Mamta | Lability |
| Cash | Assets | ||
| viii | Sold goods on credit to Shahid | Sahhid | Assets |
| Sale | Assets |
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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