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  • MGT 101 Gdb#1 Soluion

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    The document discusses 4 accounting transactions: 1) Buying land for Rs. 300,000 on credit which increases assets, 2) Paying salaries of Rs. 25,000 by cheque which increases expenses, 3) Returning goods to suppliers for Rs. 10,000 which decreases expenses, 4) Selling goods for Rs. 40,000 to XYZ brothers for cash which increases income. For each transaction, the nature (debit or credit) and the impact on accounts (increase or decrease of assets, expenses, or income) is provided.

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    Mgt 101 Gdb#1 Soluion

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    The document discusses 4 accounting transactions: 1) Buying land for Rs. 300,000 on credit which increases assets, 2) Paying salaries of Rs. 25,000 by cheque which increases expenses, 3) Returning goods to suppliers for Rs. 10,000 which decreases expenses, 4) Selling goods for Rs. 40,000 to XYZ brothers for cash which increases income. For each transaction, the nature (debit or credit) and the impact on accounts (increase or decrease of assets, expenses, or income) is provided.

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    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
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    15 views1 page

    MGT 101 Gdb#1 Soluion

    Uploaded by

    Unknown Person
    The document discusses 4 accounting transactions: 1) Buying land for Rs. 300,000 on credit which increases assets, 2) Paying salaries of Rs. 25,000 by cheque which increases expenses, 3) Returning goods to suppliers for Rs. 10,000 which decreases expenses, 4) Selling goods for Rs. 40,000 to XYZ brothers for cash which increases income. For each transaction, the nature (debit or credit) and the impact on accounts (increase or decrease of assets, expenses, or income) is provided.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Point #1

    Bought land of Rs. 300,000 on credit basis.


    Answer
    1.Its Nature is Debit.
    2.Increase Assets (Because we bougth land so our Assest increases).

    Point #2
    Paid salaries of Rs, 25,000 by cheque.
    Answer
    1.Its Nature is Debit.
    2.Increase Expenses (Our Expense increases because we are paying salaries).

    Point #3
    Goods returned to suppliers for Rs. 10,000.
    Answer
    1.Its Nature is Credit.
    2.Decrease Expenses (Because rupees returned to suppliers so our expense decrease)

    Point #4
    Sold goods of Rs. 40,000 to XYZ brothers on cash basis.
    Answer
    1.Its Nature is Credit.
    2.Increase Income (Because we are sall things so our income is increase).

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