Kalp Accounting Learning Articles

Practice Sheet - 4 of 12 (Transactions for the month of July' 2021)  Students/learners can get benefit and complete knowledge on this Practical Project after completion of all the 12 Practice Sheets with a proper sequence. Let's Practice the below mentioned transactions with Journal Entry for the month of July' 2021 of Trimurthy Traders(Prop : Surya Krishnamurthy). TRIMURTHY TRADERS (Prop : Mr. Surya Krishnamurthy)  Financial Year : 2021-22(April' 2021 to March' 2022) Assessment Year : 2022-23 (April' 2022 to March' 2023) Date: 01/07/2021 (Transaction No. 47) Paid ₹4,01,833.88 from HDFC Bank CC A/c through RTGS to Krishna Enterprises, Odisha towards outstanding due. Debit Ledger : Krishna Enterprises A/c In Traditional Approach - Krishna Enterprises A/c is under type Personal Account - Receiver. In Modern Approach - Krishna Enterprises A/c is under type Liability Account - Decreases. Credit Ledger : HDFC Bank (Cash Credit) A/c In Traditional Approach - HD

Practice Sheet - 3 of 12 (Transactions for the month of June' 2021)  Students/learners can get benefit and complete knowledge on this Practical Project after completion of all the 12 Practice Sheets with a proper sequence. Let's Practice the below mentioned transactions with Journal Entry for the month of June' 2021 of Trimurthy Traders(Prop : Surya Krishnamurthy). TRIMURTHY TRADERS (Prop : Mr. Surya Krishnamurthy)  Financial Year : 2021-22(April' 2021 to March' 2022) Assessment Year : 2022-23 (April' 2022 to March' 2023) Date :01/06/2021 (Transaction No. 35) Amount withdrawn by Proprietor towards his personal expenses for ₹6,000/-. Debit Ledger : Drawings A/c In Traditional Approach - Drawings A/c is under type Personal Account - Receiver.   ( Note : Drawings Account is considered as Personal Account because in Proprietorship Firm Accounting 'Drawings Account' is a sub-ledger of Capital Account). In Modern Approach - Drawings A/c is under t