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  • Accounting Final aSSIG

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    kaka jee
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    The document lists 5 transactions involving accounts: 1) Mr. A invested Rs. 50,000 in the business, increasing assets and owner's equity. 2) Furniture worth Rs. 15,000 was purchased for the office, increasing assets and decreasing cash. 3) Salaries of Rs. 4,000 were paid to staff, decreasing cash. 4) Commission of Rs. 1,000 was received for goods sold, increasing cash. 5) Rs. 1,000 cash was received from a customer, increasing cash.

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    The document lists 5 transactions involving accounts: 1) Mr. A invested Rs. 50,000 in the business, increasing assets and owner's equity. 2) Furniture worth Rs. 15,000 was purchased for the office, increasing assets and decreasing cash. 3) Salaries of Rs. 4,000 were paid to staff, decreasing cash. 4) Commission of Rs. 1,000 was received for goods sold, increasing cash. 5) Rs. 1,000 cash was received from a customer, increasing cash.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    10 views1 page

    Accounting Final aSSIG

    Uploaded by

    kaka jee
    The document lists 5 transactions involving accounts: 1) Mr. A invested Rs. 50,000 in the business, increasing assets and owner's equity. 2) Furniture worth Rs. 15,000 was purchased for the office, increasing assets and decreasing cash. 3) Salaries of Rs. 4,000 were paid to staff, decreasing cash. 4) Commission of Rs. 1,000 was received for goods sold, increasing cash. 5) Rs. 1,000 cash was received from a customer, increasing cash.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    of 1

    Sr.

    Transactions Account to be Account to be Increase or decrease


    No Debited Credited (affect on accounts due
    to transactions)
    1 Mr. A invested in Cash Mr. A’s Increase in asset
    business Rs.50,000 Capital Increase in Owner’s
    Equity
    2 Purchased furniture for
    cash Rs.15,000 for office Furniture Cash Increase in asset
    use Decrease in cash by
    Rs.15,000
    3 Paid salaries of Rs.4,000
    to office staff Salary Cash Decrease in cash

    4 Received commission on
    sale of goods worth Cash Sale Increase in cash
    Rs.1,000
    5 Received cash of
    Rs.1,000 from Mr.Bilal Cash Received Sale Increase in cash
    who owed him Rs. 2,000 Rs.1,000
    for last 30 days on
    account of goods sold.

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