Question No 04 Chapter No 5
4. From the following transaction of Mr. Karim., determine the account to be debited and credited by English Approach:
| (i) | Business commenced with cash Rs 50,000 & furniture wroth Rs 10,000 |
| (ii) | Bought goods from Ram for cash Rs 10,000 |
| (iii) | Bought further goods from Kasim for Rs 6,000 |
| (iv) | Paid rent Rs 6,000 |
| (v) | Cash deposited into Bank Rs 20,000 |
| (vi) | Salary paid into cheque Rs 2,000 |
| (vii) | Cash sales to Rahim Ras 16,000 |
| (viii) | Sale to Rahim for Rs 5,000 on credit |
| (ix) | Cash is withdrawn from bank Rs 5,000 for personal Account |
The solution of Question No 04 Chapter No 5: –
| (i) Business commenced with cash and Furniture: Cash A/c Furniture A/c (Debited) ; Capital A/c (credited) |
| (ii) Bought goods from Ram on Cash: Purchased A/c (Debited); Cash A/c (Credited) |
| (iii) Bought further goods Kasim: Purchase A/c (Debited); Kasim A/c (Credited) |
| (iv) Paid Rent: Rent A/c (Debited) ; Cash A/c (Credited) |
| (v) Cash Deposited into Bank: Bank A/c (Debited); Cash A/c (Credited) |
| (vi) Salary paid by cheque: Salary A/c (Debited); Bank A/c (Credited) |
| (vii) Cash Sale to Rahim: Cash A/c (Debited); Sale A/c (Credited) |
| (viii) Sale to Rahim on credit: Rahim A/c (Debited); Sale A/c (Credited) |
| (ix) Cash is withdrawn from bank for personal use: Drawings A/c (Debited); Bank A/c (Credited) |
How to make Journal Entries in Accounting – Explanation
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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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
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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)