Basic concept of accounting
Accounting: It is an art of recording,
classifying and summarizing in significant manner and in terms of money,
transactions and events which are of financial character and interpreting the
results thereof.
Business transaction: A business transaction is “The
movement of money and money’s worth form one person to another”. Or exchange of
values between two parties is also known as “Business Transaction”.
Purchase: A purchase means goods purchased by a
businessman from suppliers.
Sales: Sales is goods sold by a businessman
to his customers.
Purchase Return or Rejection in or
Outward Invoice: Purchase return means the return of
the full or a part of goods purchased by the businessman to his suppliers.
Sales Return or Rejection out or
Inward Invoice: Sales return means the return of the full or a part
of the goods sold by the customer to the businessman.
Assets: Assets are the things and properties
possessed by a businessman not for resale but for the use in the business.
Liabilities: All the amounts payable by a business
concern to outsiders are called liabilities.
Capital: Capital is the amount invested for
starting a business by a person.
Debtors: Debtor is the person who owes amounts
to the businessman.
Creditor: Creditor is the person to whom
amounts are owed by the businessman.
Debit: The receiving aspect of a transaction
is called debit or Dr.
Credit: The giving aspect of a transaction is
called credit or Cr.
Drawings: Drawings are the amounts withdrawn
(taken back) by the businessman from his business for his personal, private and
domestic purpose. Drawings may be made in the form cash, goods and assets of
the business.
Receipts: It is a document issued by the
receiver of cash to the giver of cash acknowledging the cash received voucher.
Account: Account is a summarized record of all
the transactions relating to every person, every thing or property and every
type of service.
Ledger: The book of final entry where
accounts lie.
Journal
entries: A daily record of transaction.
Trail Balance: It is a statement of all the ledger
account balances prepared at the end of particular period to verify the
accuracy of the entries made in books of accounts.
Profit: Excess of credit side over debit
side.
Profit and loss
account: It is prepared to ascertain actual
profit or loss of the business.
Balance
Sheet: To ascertain the financial position
of the business. It is a statement of assets and liabilities.
Types of accounts
Personal account: Personal accounts are the accounts of persons, firms, concerns and institutions which the busines Debit the receiver
Credit
the giver
Real Account: These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch.
Ex. Cash, Sale, Purchase,
Furniture, Investment etc.
Principles: Debit
what comes in
Credit
what goes out
Nominal account: Nominal
account is the account of services received (expenses and Losses) and services
given (income and gain)
Ex. Salary, Rent, Wages, Stationery
etc.
Principles: Debit
all expense/losses
Credit
all income/ gains
Tally 7.2
Tally is a complete
business solution for any kind of Business Enterprise. It is a full fledged
accounting software.
Procedure for
creating company in Tally
Double
click on Tally icon on desktop. Alt+F3 Company info-Create company.
Accounts Only: To maintain
only the financial accounts of the company. Inventory (stock) management is not
involved in it.
Account with
Inventory: This is the default option, which
allows maintaining both the financial account of the company as well as the
inventory of the company.
Select Company: We
can choose the company which is already created.
Shortcut key - F1.
Shut Company: It
is used to close the company which is opened. Shortcut key - Alt+F1.
Alter: It
is used to make alterations in the company creation like name, date, maintain
etc.
Quit: Exits
from Tally. 1. Click on quit button.
2.
Esc, Esc, Esc and enter.
3.
Ctrl+Q
Short cut keys
Alt+F3 Company
information menu
Enter To
accept information typed into a field.
To
accept a voucher or master.
To
get a report with further details of an item in a report.
Esc To
remove what has been typed into a field.
To
exit a screen.
To
indicate you do not want to accept a voucher or master.
Ctrl+A To
accept a form wherever you use the key combination the screen or report will be
accepted as it is on this screen.
Ctrl+Q It
quits the screen without making any changed to it.
Alt+C To
create a master at a voucher screen.
When working within
an amount field presses Alt+C to act as a calculator.
Alt+D To
delete a voucher.
To
delete a master.
Ctrl+Enter To alter a master while making an entry or viewing report.
F2 Date
Alt+F2 Change
period
Alt+F1 To
see detail
F11 Features
company
F12 Configuration
options are applicable to all the companies in a data directory.
Ctrl+N Calculator
screen.
Ctrl+V Voucher
mode (Cr. Dr)
Invoice
mode (name of item, rate, quantity, and amount)
Gateway of
tally-Accounts info-Group
Bank
account Bank Account
Bank Od
account Branch/division
Capital
account Cash
in hand
Current
asset Current
liability
Deposit Direct
expenses
Direct
income Indirect
expense
Indirect
income Duties
and tax
Fixed
asset Investment
Loans and
advance Loan
(liability)
Miscellaneous
expenses Provisions
Retained
earning Reserves
and surplus
Purchase
account Sales
account
Secured
loan Stock
in hand
Sundry
debtor’s Sundry
creditors
Suspense Unsecured
account
Meaning:
Current
asset:
It is converted
into cash with in a year. Ex. Bills receivable
Direct expenses: These are the expenses which are directly related to manufacturing of goods.
Ex. Wages, factory
rent, heating, lighting etc
Indirect expense: These are the expenses which are indirectly related to manufacturing of goods.
Ex. Salary, rent,
stationery, advertisement, printing
Depreciation: Decrease the value
of the asset.
Sundry debtors: The
person who is the receiver or customer
Sundry creditors: The
person who gives or supplier.
Expenses
Outstanding or Unpaid expenses or Expenses due:
Expenditure
incurred during current year but the amount on which is not yet paid. (Added to
the expenditure on the debit side and entered on the liability side.)
Income received in
advance or Income received but not earned
Income received
during the current year but not earned or a part of which relates to the next
year. (Deducted form the concerned income on the credit side and entered on the
liability side)
Prepaid advance or
Expenses or Prepaid expenses
Expenditure paid
during current year but not incurred or a part of which relates to the next
year is called expenditure prepaid. (Deducted form the concerned expenditure on
the debit side and entered on the assets side)
Income outstanding
or income earned but not received or Income accrued
Income outstanding
means income earned during the current year but the amount on which is not yet
received (added to the concerned income on the credit side and entered on the
asset side)
Gateway of
Tally-Accounts info-ledger-create
|
Ledger |
Group |
|
Opening stock |
Stock in hand |
|
Purchase |
Purchase account |
|
Purchase return |
Purchase account |
|
Fright charges |
Direct expenses |
|
Carriage inwards or Purchases |
Direct expenses |
|
Cartage and coolie |
Direct expenses |
|
Octroi |
Direct expenses |
|
Manufacturing wages |
Direct expenses |
|
Coal, gas, water |
Direct expenses |
|
Oil and fuel |
Direct expenses |
|
Factory rent, insurance,
electricity, lighting and heating |
Direct expenses |
|
Sales |
Sales account |
|
Salary |
Indirect expenses |
|
Postage and telegrams |
Indirect expenses |
|
Telephone charges |
Indirect expenses |
|
Rent paid |
Indirect expenses |
|
Rates and taxes |
Indirect expenses |
|
Insurance |
Indirect expenses |
|
Audit fees |
Indirect expenses |
|
Interest on bank loan |
Indirect expenses |
|
Interest on loans paid |
Indirect expenses |
|
Bank charges |
Indirect expenses |
|
Legal charges |
Indirect expenses |
|
Printing and stationery |
Indirect expenses |
|
General expenses |
Indirect expenses |
|
Sundry expenses |
Indirect expenses |
|
Discount allowed |
Indirect expenses |
|
Carriage outwards or sales |
Indirect expenses |
|
Traveling expenses |
Indirect expenses |
|
Advertisement |
Indirect expenses |
|
Bad debts |
Indirect expenses |
|
Repair renewals |
Indirect expenses |
|
Motor expenses |
Indirect expenses |
|
Depreciation on assets |
Indirect expenses |
|
Interest on investment received |
Indirect income |
|
Interest on deposit received |
Indirect income |
|
Interest on loans received |
Indirect income |
|
Commission received |
Indirect income |
|
Discount received |
Indirect income |
|
Rent received |
Indirect income |
|
Dividend received |
Indirect income |
|
Bad debts recovered |
Indirect income |
|
Profit by sale of assets |
Indirect income |
|
Sundry income |
Indirect income |
|
Loan from others |
Loan Liabilities |
|
Bank loan |
Loan Liabilities |
|
Bank overdraft |
Bank OD |
|
Bills payable |
Current Liabilities |
|
Sundry creditors |
Sundry creditors |
|
Mortgage loans |
Secured loans |
|
Expense outstanding |
Current Liabilities |
|
Income received in advance |
Current Liabilities |
|
Other liabilities |
Current Liabilities |
|
Capital |
Capital account |
|
Drawings |
Capital account |
|
Cash in hand |
Cash in hand |
|
Cash at bank |
Bank account |
|
Fixed deposit at bank |
Deposit |
|
Investments |
Investments |
|
Bills receivable |
Current asset |
|
Sundry debtors |
Sundry debtors |
|
Closing stock |
Stock in hand |
|
Stock of stationery |
Current asset |
|
Loose tools |
Fixed asset |
|
Fixtures and fittings |
Fixed asset |
|
Furniture |
Fixed asset |
|
Motor vehicles |
Fixed asset |
|
Plant and machinery |
Fixed asset |
|
Land and building |
Fixed asset |
|
Leasehold property |
Fixed asset |
|
Patents |
Fixed asset |
|
Goodwill |
Fixed asset |
|
Prepaid expenses |
Current asset |
|
Income outstanding |
Current assset |
Trading account: Buying and
selling of goods.
Dr. Receiving aspect Giving aspect Cr.
|
Direct expenses |
Amount |
Direct Income |
Amount |
||
|
To |
Opening stock |
xxx |
By |
Sales |
xxx |
|
To |
Purchases |
xxx |
By |
(-)Sales return |
xxx |
|
To |
(-)purchase return |
xxx |
By |
Closing stock |
xxx |
|
To |
Freight charges |
xxx |
|||
|
To |
Cartage and coolie |
xxx |
|||
|
To |
Lorry hire |
xxx |
|||
|
To |
Manufacturing expenses |
xxx |
|||
|
To |
Wages |
xxx |
|||
|
To |
Factory rent, fuel power |
xxx |
|||
|
To |
Gross profit (transfer to
profit and loss account) |
xxx |
|||
To Profit and loss
account: Actual profit and loss of the business
|
Indirect expenses or payments |
Amount |
Indirect income or receipts |
Amount |
||
|
To |
Salary |
xxx |
By |
Gross profit |
xxx |
|
To |
Postage and Telegram |
xxx |
By |
Interest on investment received |
xxx |
|
To |
Telephone charges |
xxx |
By |
Interest on deposit received |
xxx |
|
To |
Rent paid |
xxx |
By |
Interest on loans received |
xxx |
|
To |
Rate and taxes |
xxx |
By |
Discount received |
xxx |
|
To |
Insurance paid |
xxx |
By |
Discount received |
xxx |
|
To |
Interest on bank loan |
xxx |
By |
Rent received |
xxx |
|
To |
Bank charges |
xxx |
By |
Bad debts received |
xxx |
|
To |
Printing and stationery |
xxx |
By |
Net loss |
xxx |
|
To |
Discount allowed |
xxx |
|||
|
To |
Advertisement |
||||
|
To |
Carriage outward (sales) |
||||
|
To |
Depreciation on assets |
||||
|
To |
General expenses |
||||
|
To |
Traveling |
||||
|
To |
Bad debts |
||||
|
To |
Net profit |
||||
Balance sheet: Actual financial position
|
Liabilities |
Amount |
Assets |
Amount |
|
Bank loan |
xxx |
Cash in hand |
xxx |
|
Bank overdraft |
xxx |
Cash at bank |
xxx |
|
Bills payable |
xxx |
Fixed deposit at bank |
xxx |
|
Sundry creditors |
xxx |
Investments |
xxx |
|
Expenses outstanding |
xxx |
Bills receivable |
xxx |
|
Capital |
xxx |
Sundry debtors |
xxx |
|
(-)drawings |
xxx |
Closing stock |
xxx |
|
Net profit |
xxx |
Stock of stationery |
xxx |
|
Furniture |
xxx |
||
|
Plant machinery |
xxx |
||
|
Land and building |
xxx |
||
|
Motor vehicles |
xxx |
||
|
Prepaid expenses |
xxx |
||
|
Income outstanding |
xxx |
Alt+F3 Company Creation
Gateway of
tally-Accounting voucher
F4 Contra: Records
funds transfer between cash and bank accounts.
Deposit
into bank or Opened bank account Cr. Cash
Dr.
Bank
Withdraw
form bank Cr.
Bank
Dr.
Cash
F5 Payment: Record
all bank and cash payments.
Paid
or Give Dr.
Cr.
Cash/bank (in case cheque)
F6 Receipt: Records
all receipts into bank or cash accounts.
Received
or Borrow or Take Cr.
Dr.
Cash/bank (in case cheque)
F7 Journal: Records
adjustments between ledger accounts.
F8 Sales: Records
all sales.
Dr.
Cash/party (incase of credit-party)
Cr.
Sales
F9 Purchase: Records
all purchase.
Cr.
Cash/party (incase of
credit-party) Dr.
Purchase
Journalize the
following transactions
1. Commenced business
with cash Rs.10,
000.
2. Deposit into bank
Rs.
15,000
3. Bought office
furniture
Rs.3,000
4. Soled goods for
cash
Rs.2,500
5. Purchased goods
form Mr X on credit Rs.2,000
6. Soled goods to Mr Y
on credit Rs.3,000
7. Received cash form
Mr. Y on account Rs.2,000
8. Paid cash to Mr X
Rs. 1,000
9. Received commission
Rs. 50
10. Received interest
on bank deposit Rs. 100
11. Paid into bank Rs.
1,000
12. Paid for
advertisement Rs.500
13. Purchased goods for
cash Rs. 800
14. Sold goods for cash
Rs. 1,500
15. Paid salary Rs. 500
Gateway of
tally-Account info-Ledger-Create
Gateway of tally –
Accounting voucher
|
Sl.No |
Key |
Voucher |
Ledger |
Group |
Type of account |
Principles |
Amount |
|
1 |
F6 |
Receipt |
Cr. Capital |
Capital account |
Personal |
Giver |
10,000 |
|
Dr. Cash |
Cash in hand |
Real |
Comes in |
10,000 |
|||
|
2 |
F4 |
Contra |
Cr. Cash |
Cash in hand |
Real |
Goes out |
15,000 |
|
Dr. Bank |
Bank account |
Real |
Comes in |
15,000 |
|||
|
3 |
F5 |
Payment |
Dr. Office furniture |
Fixed asset |
Real |
Comes in |
3,000 |
|
Cr. Cash |
Cash in hand |
Real |
Goes out |
3,000 |
|||
|
4 |
F8 |
Sales |
Dr. Cash |
Cash in hand |
Real |
Comes in |
2,500 |
|
Cr. Sales |
Sales account |
Real |
Goes out |
2,500 |
|||
|
5 |
F9 |
Purchase |
Cr. X |
Sundry creditor |
Personal |
Giver |
2,000 |
|
Dr. purchase |
Purchase account |
Real |
Comes in |
2,000 |
|||
|
6 |
F8 |
Sales |
Dr. Y |
Sundry debtors |
Personal |
Receiver |
3,000 |
|
Cr. Sales |
Sales account |
Real |
Goes out |
3,000 |
|||
|
7 |
F6 |
Receipt |
Cr. Y |
Giver |
2,000 |
||
|
Dr. cash |
Cash in hand |
Real |
Comes in |
2,000 |
|||
|
8 |
F5 |
Payment |
Dr. X |
Receiver |
1,000 |
||
|
Cr. Cash |
Cash in hand |
Real |
Goes out |
1,000 |
|||
|
9 |
F6 |
Receipt |
Cr. commission |
Indirect income |
Nominal |
Credit all income |
50 |
|
Dr. cash |
Cash in hand |
Real |
Comes in |
50 |
|||
|
10 |
F6 |
Receipt |
Cr. Interest on bank deposit |
Indirect income |
Nominal |
Credit all income |
100 |
|
Dr. Bank |
Bank account |
Real |
Comes in |
100 |
|||
|
11 |
F4 |
Contra |
Cr. Cash |
Cash in hand |
Real |
Goes out |
1,000 |
|
Dr. Bank |
Bank account |
Real |
Comes in |
1,000 |
|||
|
12 |
F5 |
Payment |
Dr. Advertisement |
Indirect expenses |
Nominal |
Debit all expenses |
500 |
|
Cr. Cash |
Cash in
hand |
Real |
Goes out |
500 |
|||
|
13 |
F9 |
Purchase |
Cr. Cash |
Cash in hand |
Real |
Goes out |
800 |
|
Dr. purchase Cr cash |
Purchase account |
Real |
Comes in |
800 |
|||
|
14 |
F8 |
Sales |
Dr. cash |
Cash in hand |
Real |
Comes in |
1,500 |
|
Cr. Sales |
Sales account |
Real |
Goes out |
1,500 |
|||
|
15 |
F5 |
Payment |
Dr. salary |
Indirect expense |
Nominal |
Debit all expenses |
500 |
|
Cr. Cash |
Cash in hand |
Real |
Goes out |
500 |
To view- Gateway
of tally-Accounts info-Ledger-Multiple ledger Alter-All
items (for ledger)
Gateway
of tally-Display-Day book-Alt+F1 (to see
detail) (Accounting
Voucher)
Inventory information
Alt+F3 Company creation-Maintain-Accounts with inventory
Gateway of
Tally-Inventory information-Unit of measure
Gateway of tally
–Inventory information-Godown
Gateway of
tally-Inventory information-Stock group
Gateway of tally –
Inventory information-Stock item
To View
Gateway of
tally-Display-Day book-Alt+F2 (change period) Alt+F1 (to see
detail) or
Gateway of
tally-Stock summary
1. On 1-4-06 Raman
commenced business with cash of Rs. 25,00,000. He further introduced Land
and Building costing Rs. 30,000, Plant and Machinery
costing Rs. 25,000 and furniture and fixture costing Rs. 36,000.
2. On 2-4-06
Purchased Vehicle and Patents Rs. 20,000 and Rs. 15,000.
3. On 5-4-06 He
deposited Rs. 1, 00,000 into Canara Bank.
4. On 6-4-06
Purchased from Cadbury Company
500 5
Stars @ Rs.
5 1000 Cadbury
@ Rs. 5
100 Kit
kat @ Rs.
4 200 Dairy
milk @ Rs. 7
5. On 10-4-06
Purchased from Paras
500 Moov @ Rs. 20
500 D’Clod @ Rs. 12
6. On 13-4-06
Sold to Pankaj
200 Moov @ Rs.
20.50
100 D’Clod @ Rs. 12.25
200 Adhensive tape roll
@ Rs. 15.25
100 Band Aid box @ Rs.
252
200 Boric Acid powder @
Rs.14
7. On 15-4-06 Sold
to Akbar
500 Cadbury @ Rs. 6
200 5 Star @ Rs.5.25
50 Kit Kat @ Rs. 6
8. On 16-4-06 Paid
to Cadbury company Rs.
9. On 18-4-06
Received from Pankaj
10. On 20-4-06 Paid
to Paras Rs.
11. On 25-4-06
Received from Akbar Rs.
12. On 26-4-06
Purchase from Well Cloth
T-Shirts Lee-25Pc-Rs.200
Nike-30Pc-Rs.300
Formal
Shirts Pan America-35Pc-400
Peter
England-30Pc-450
Jeans
Pants Tiger-20Pc-500
Ruff
and Tuff-30Pc-350
Cotton
Pants Arrow-40Pc-200
Ex-Calibar-20Pc-250
13. Paid Postage
Rs. 500 by cheque
14. Received
commission Rs. 15,000
15. Paid wages Rs.
2,500
Journalize the following Transactions using the debit and credit given by the American accounts
1. Commenced
business with
cash 10,000
2. Deposited
into
bank 5,000
3. Purchased
goods for
cash 3,000
4. Sold
goods for
cash 2,500
5. Purchased
goods from A on
credit 4,000
6. Sold
goods to B on credit 4,500
7. Withdraw
from
bank 3,000
8. Paid
A on
account 2,000
9. Received
from B on
account 2,500
10. Took loan from
C 5,000
11. Gave loan to
D 4,000
12. Paid
salary 1,000
13. Cash withdraw
from the business for personal
use 200
14. Rent paid to
E 1,000
|
Ledger |
Group |
|
Capital |
Capital Account |
|
Cash |
Cash in hand |
|
Bank |
Bank account |
|
Purchase |
Purchase account |
|
Sales |
Sales account |
|
A |
Sundry creditor |
|
B |
Sundry debtor |
|
C |
Sundry creditor |
|
D |
Sundry debtor |
|
Salary |
Indirect expenses |
|
Drawings |
Capital account |
|
Rent |
Indirect expenses |
Rakesh and company
Started
business with cash Rs. 2,000, Bank Rs. 20,000.
2. Issued
cheque for goods purchased Rs. 1,000.
3. Bought
goods for cash Rs.8,000.
4. Bought
furniture from Anil for cash Rs.100.
5. Bought
goods from harish Rs. 1,500.
6. Bought
goods from chandan on credit Rs. 5,800.
7. Returned
damaged goods to Chandan Rs.800.
8. Bought
goods from Naveen and paid by cheque immediately Rs.400.
9. Sold
goods to Guptha Rs. 1,000.
1 Received a cheque
from Guptha Rs.1,000 for goods sold.
1 Paid commission
Rs.2,000.
1 Paid wages by cheque
Rs.4,000.
1 Draw cheque for
personal use Rs.4,000.
1 Draw cash for
personal use from bank Rs.3,000.
1 Receive a cheque
from Manju Rs.2,800.
1 Borrow loan from
Anands Rs.1,000.
1 Paid Anands Loan
with interest Rs.1,000.
|
Ledger |
Group |
|
Capital |
Capital account |
|
Bank |
Bank account |
|
Purchase |
Purchase account |
|
Anil |
Sundry Creditor |
|
Chandan |
Sundry Creditor |
|
Harish |
Sundry Creditor |
|
Purchase return |
Purchase account |
|
Naveen |
Sundry Creditor |
|
Sales |
Sales account |
|
Guptha |
Sundry debetor |
|
Commission |
Indirect expenses |
|
Wages |
Direct expenses |
|
Drawings |
Capital account |
|
Manju |
Sundry Creditor |
|
Anand |
Sundry Creditor |
1.Started business
with cash Rs.10,000,furniture Rs.4,000 and machinery Rs.5,000.
2.Bought goods from
Anil on credit Rs. 4,000 and for cash Rs.5,000.
3.Sold goods to
Rajesh on credit Rs.5,000 and for cash Rs.3,000.
4. Bought goods
from Arun Subject to trade discount of 2% of Rs.2,000.
5. Sold goods to
Ramesh subject to trade discount of 5% of Rs.4,000.
6. Paid salary
Rs.1,000, printing Rs.150 and wages rs.100.
7.Received rent
Rs.500, commission Rs.400.
8. Received a
cheque from Ganesh Rs.1,000.
|
Ledger |
Group |
|
Capital |
Capital account |
|
Furniture |
Fixed asset |
|
Machinery |
Fixed asset |
|
Purchase |
Purchase account |
|
Anil |
Sundry Creditor |
|
Sales |
Sales account |
|
Rajesh |
Sundry debtor |
|
Arun |
Sundry creditor |
|
Ramesh |
Sundry debtor |
|
Salary |
Indirect expenses |
|
Printing |
Indirect expenses |
|
Wages |
Direct expenses |
|
Rent |
Indirect expenses |
|
Commission |
Indirect expenses |
|
Ganesh |
Sundry creditor |
|
Trade discount |
Indirect expenses |
Memorandum book Particulars
2. Purchased goods for cash Rs.3,000.
3. Opened a bank account with Rs.2,000.
4. Purchased stationary Rs.1,00.
5. Purchased furniture Rs.1,000.
6. Sold goods to A Rs.2,000.
7. Purchased goods from B Rs.2,000.
8. Sold goods for cash Rs.1,000.
9. Paid for postage Rs.20.
1 Took loan from C Rs.1,500.
Paid rent Rs.300.
Withdraw from bank Rs.800.
1 Received from A on account Rs.500.
1 Paid commission by cheque Rs.200.
|
Ledger |
Group |
|
Capital |
Capital account |
|
Purchase |
Purchase account |
|
Bank |
Bank account |
|
Purchase |
Purchase account |
|
Stationary |
Indirect expenses |
|
Furniture |
Fixed asset |
|
Sales |
Sales account |
|
A |
Sundry debtor |
|
B |
Sundry Creditor |
|
Potage |
Indirect expenses |
|
C |
Sundry Creditor |
|
Rent |
Indirect expenses |
|
Commission |
Indirect expenses |
Roa and company
Particulars Rs.
1. Bought goods for cash 2,500
2. Bought office furniture for cash 500
3. Paid for postage 10
4. Purchased goods from Rajkamal 2,000
5. Sold goods for cash 150
6. Bought goods from Rahim 400
7. Sold goods to Suresh 400
8. Sold goods to Nayak 250
9. Purchased goods for cash 400
10. Recevied cash from Nayak 200
11. Paid cash to Rahim 50
12. Returned goods to Ralkamal 200
13. Suresh returned goods 50
14. Paid salary 150
15. Sold goods for cash 500
16. Rao withdraw for his personel use 800
17. Paid for stationery 100
18. Paid rent 50
19. Received commission 225
|
Ledger |
Group |
|
Capital |
Capital account |
|
Purchase |
Purchase account |
|
Postage |
Indirect expenses |
|
Rajkamal |
Sundry Creditor |
|
Sales |
Sales account |
|
Rahim |
Sundry Creditor |
|
Suresh |
Sundry Debtor |
|
Nayak |
Sundry Debtor |
|
Purchase returns |
Purchase account |
|
Salary |
Indirect expenses |
|
Drawings |
Capital account |
|
Stationary |
Indirect expenses |
|
Rent |
Indirect expenses |
|
Commission |
Indirect income |
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