Accounting Transactions for a New Business, Assignments of Financial Accounting

Download Accounting Transactions for a New Business and more Assignments Financial Accounting in PDF only on Docsity! Assignment of Accounting roll no-2k20-CSE-41 Name GhullamMohayodin Q1-Mohan has starts his Shop,during the first month following events that take place transiction 1-Mohan start business with cash Rs. 50,000, goods Rs. 10,000 and furniture Rs. 1,000 Analysis 1 Cash Asset inc debit 2 goods Asset inc debit 3 furniture Asset inc debit 4 investment-capital inc credit transiction 2-Purchased goods for cash Rs. 30,000 Analysis 1 Cash asset dec credit 2 good asset inc debit transiction 3-Purchased goods on credit Rs. 20,000 Analysis 1 Goods asset inc debit 2 accountpayable liablity inc credit transiction 4-Sold goods (cost Rs. 10,000) for Rs. 12,000 Analysis 1 good asset dec credit 2 cash asset inc debit 4 cost of good sold exp inc debit 4 sales revenue inc credit Transiction 5-Bought furniture on credit Rs. 2,000 Analysis 1 good asset inc debit 2 account payable liablity inc credit transiction 6-Paid cash to a creditor Rs. 15,000 Analysis 1 cash Asset dec credit account payable Liability dec Debit transiction 7-Sold goods to Sohan costing Rs. 1,500 for Rs. 1,800 Analysis 1 cash Asset inc debit 2 good Asset dec credit 3 cost of sold good Exp inc debit 4 sale revenue inc credit transiction 8-Purchased household goods for Rs. 15,000, giving Rs. 5,000 in cash and balance through a loan. Analysis 1 goods asset inc debit 2 cash asset dec Credit 3 account payable liablity inc Credit 4 purchase Exp inc Debit Total transiction Transiction Cash account receivable inventory goods furniture liablity capital 1 50000 10000 1000 61000 2 -30000 30000 3 20000 20000 4 12000 -10000 2000 5 2000 2000 6 -15000 -15000 7 1800 -1500 300 8 -5000 15000 10000 Balance 13800 63500 3000 17000 63300 1 cash asset inc debit 2 goods asset dec credit 3 goods sold exp inc debit 4 sales revenue inc credit transiction 7-Bought goods from Ramesh for Rs.30,000 on credit. Analysis 1 good asset inc debit 2 account payable liablity inc credit transiction 8-Sold goods to Shyam costing Rs.30,000 for Rs.50,000 on credit. analysis 1 good asset dec credit 2 account receivable asset inc debit 3cost of goods sold exp inc Debit 4 sales revenue inc Credit transiction 9-Purchased household goods for Rs.15,000 giving Rs.5,000 in cash and the balance through a loan. Analysis 1 goods asset inc debit account receivable liablity inc credit 3 cash asset dec credit transiction 10-Paid half the amount owed to Mohan furniture Analysis 1 cash asset dec credit account payable liablity dec debit transiction 11-Paid cash Rs.500 for loan and Rs.300 for Interest Analysis 1 cash asset dec credit 2 loan liablity dec debit 3 interest exp inc debit transiction 12-Withdraw goods for personal use (cost Rs.500) Analysis 1 goods asset dec credit 2 withdraw exp inc Debit transiction 13-Recieved full cash from Shyam. Analysis 1 cash asset inc debit 2 account receivable asset dec Credit transiction 14-Paid full cash to Ramesh. Analysis 1 cash asset dec credit 2 payable acount liablity dec debit transiction 15-Paid salary Rs.500 and salary outstanding(salary due but not paid) Rs.100 Analysis 1 cash asset dec credit 2 sallery outstanding liablity dec debit 3 sallery exp inc debit Total transiction T-account 2 land asset dec credit transiction 8-The business declares and pays a cash dividend of $1,200. Analysis 1 dividend equity inc debit 2 cash asset dec credit Total transiction T-account Journal general Q4-Doherty Tree Cellular, Inc., completed the following transactions during April 2012, its first month of operations: transiction 1-Received $19,800 and issued common stock. Analysis 1 cash asset inc debit 2 commonstock shareholderequity inc credit transiction 2-Purchased $200 of office supplies on account Analysis 1 cash asset dec credit 2 account payable liablity inc debit transiction 3-Paid $14,300 cash for land to use as a building site Analysis 1 cash asset dec credit 2 land asset inc debit transiction 4-Performed service for customers and received cash of $2,600 Analysis 1 cash asset inc debit 2 service revenue inc Credit transiction 5-Paid $100 on accounts payable Analysis 1 cash asset dec credit 2 account payable liablity dec Debit transiction 6-Performed service for UFax on account totaling $1,900 Analysis 1 account receivable asset inc debit 2 service revenue revenue inc Credit transiction 7-Collected $100 from UFax on account Analysis 1 cash asset inc debit account payable liablity inc credit Transiction 8- Paid the following expences; Sallery-$1900,rent-$1300 1 Cash-asset-dec-credit 2 sallery paid-exp-inc-debit 3 rent paid-exp-inc-debit Total transiction