PRACTICAL PROBLEM 02

Q. 2 Prepare Chart showing Analysis of the following transaction in a Tabular form according to Modern Approach.
1. Mr. Meghraj started business with cash Rs 30,000.
2. Deposited cash into Bank of India Rs 2,000.
3. Withdrew cash Rs 1,000 for personal use.
4. Purchased goods on credit from Nilesh Rs 2,000.
5. Cash purchases ` 3,000.
6. Paid Wages Rs 400.
7. Purchase a chair for office use Rs 3.200.
8. Sold goods to Mohan worth Rs 1,200.
9. Withdrew Cash for Office use Rs 3,000.
10. Sold old furniture Rs 9,000.
11. Received Dividend of Rs 1,000.
12. Paid for Printing bill book Rs 200.

Ans: 

Sr.No.TransactionTwo aspects/ EffectsAccounts InvolvedClassification of AccountsRules AppliedAccount to be DebitedAccount be Credited
1Mr. Meghraj started business with cash Rs 30,000.1) Cash Comes in.1) Cash A/c1) Asset A/cIncrease in AssetCash A/c 
2) Proprietor is giver.2) Capital A/c2) Capital A/cIncrease in Capital Capital A/c
        
2Deposited cash into Bank of India Rs 2,000.1) Bank is Receiver1) Bank of India A/c1) Asset A/cIncrease in AssetBank of India A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c
        
3Withdrew cash Rs 1,000 for personal use.1) Drawing is receiver of benefit1) Drawing A/c1) Capital A/cDecrease in CapitalDrawing A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c
        
4Purchased goods on credit from Nilesh Rs 2,000.1) Purchase is an Expense1) Purchase A/c1) Expense A/cIncrease in ExpensePurchase A/c 
2) Nilesh is giver2) Nilesh A/c2) Liability A/cIncrease in Liability Nilesh A/c
        
5Cash purchases Rs 3,000.1) Purchase is an Expense1) Purchase A/c1) Expense A/cIncrease in ExpensePurchase A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c
        
6Paid Wages Rs 400.1) Wages is an expense1) Wages A/c1) Expense A/cIncrease in ExpenseWages A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c
        
7Purchase a chair for office use Rs 3.200.1) Chair Comes In1) Furniture A/c1) Asset A/cIncrease in AssetFurniture A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c
        
8Sold goods to Mohan worth Rs 1,200.1) Mohan is receiver1) Mohan A/c1) Asset A/cIncrease in AssetMohan A/c 
2) Sales is an Income2) Sales A/c2) Income A/cIncrease in Income Sales A/c
        
9Withdrew Cash for Office use Rs 3,000.1) Cash comes in1) Cash A/c1) Asset A/cIncrease in AssetCash A/c 
2) Bank is giver2) Bank A/c2) Asset A/cDecrease in Asset Bank A/c
        
10Sold old furniture Rs 9,000.1) Cash comes in1) Cash A/c1) Asset A/cIncrease in AssetCash A/c 
2) Furniture goes out2) Furniture A/c2) Asset A/cDecrease in Asset Furniture A/c
        
11Received Dividend of Rs 1,000.1) Cash comes in1) Cash A/c1) Asset A/cIncrease in AssetCash A/c 
2) Dividend Received is an income2) Dividend A/c2) Income A/cIncrease in Income Dividend A/c
        
12Paid for Printing bill book Rs 200.1) Printing Charges is expense1) Printing Charges A/c1) Expense A/cIncrease in ExpensePrinting Charges A/c 
2) Cash goes Out.2) Cash A/c2) Asset A/cDecrease in Asset Cash A/c

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