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 of a Business Unit to be more confident on Decision making for Debiting and Crediting of Ledger Accounts with Journal Entries. This practice sheet is prepared in such a way that one can gain complete knowledge about the procedure of Financial Accounting from Journal Entry to Final Accounts.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Amount withdrawn by Proprietor towards his personal expenses for ₹6,000/-.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 type Capital Account - decreases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 36)
Amount paid towards salary for ₹10,000/- for the month of May’ 2021
Debit Ledger : Salary A/c
In Traditional Approach - Salary A/c is under type Nominal Account - Expense.
In Modern Approach - Salary A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 37)
₹4,000/- paid to Mr. Rakesh Das towards Rent for the month of May’ 2021.
Debit Ledger : Rent A/c
In Traditional Approach - Rent A/c is under type Nominal Account - Expense.
In Modern Approach - Rent A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 38)
₹485/- paid to CESU towards electricity charges for the month of May’ 2021.
Debit Ledger : Electricity Charges A/c
In Traditional Approach - Electricity Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Electricity Charges A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 39)
Amount paid towards purchase of incense stick for ₹141/-.
Debit Ledger : Miscellaneous Expenses A/c
In Traditional Approach - Miscellaneous Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Miscellaneous Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 40)
Amount paid towards staff food expenses for ₹4,600/-.
Debit Ledger : Staff Food Expenses A/c
In Traditional Approach - Staff Food Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Staff Food Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 01/06/2021 (Transaction No. 41)
₹230/- paid towards petrol for vehicle.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/06/2021 (Transaction No. 42)
Amount paid to Krishna Variety Store for ₹356/- towards office stationery as per CM No-810.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/06/2021 (Transaction No. 43)
₹670/- paid to BSNL towards telephone bill for the month of May’ 2021 as per MR No-1000024112
Debit Ledger : Telephone Expenses A/c
In Traditional Approach - Telephone Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Telephone Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/06/2021 (Transaction No. 44)
Amount paid towards petrol for vehicle for ₹190/-.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
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Date : 02/06/2021 (Transaction No. 45)
Purchased goods from Krishna Enterprises, Odisha for ₹4,03,721.88 as per Invoice No-1047.
Item/Product/Taxable Value ₹3,43,446/-, CGST ₹30,137.94- and SGST ₹30,137.94
Total Invoice Value is ₹4,03,721.88(i.e Taxable Value ₹3,43,446 + CGST ₹30,137.94 + SGST ₹30,137.94).
See the Invoice details below.
Debit Ledgers are :
Purchases A/c
CGST A/c
SGST A/c
- In Traditional Approach :
Purchases A/c is under type Nominal Account - Expense.
CGST A/c is under type Personal Account - Receiver.
SGST A/c is under type Personal Account - Receiver.
- In Modern Approach :
Purchases A/c is under type Asset Account - Increase.
CGST A/c is under type Asset Account - Increase.
SGST A/c is under type Asset Account - Increase.
Credit Ledger : Krishna Enterprises A/c
In Traditional Approach - Krishna Enterprises A/c is under Personal Account - Giver.
In Modern Approach - Krishna Enterprises A/c is under Liability Account - Increases.
Journal Entry
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Date : 02/06/2021 (Transaction No. 46)
Amount paid to ABC Roadways vide Chq No-700104 of Axis Bank Current Account for ₹3419/-
Debit Ledger : Carriage & Freight A/c
In Traditional Approach - Carriage & Freight A/c is under type Nominal Account - Expense.
In Modern Approach - Carriage & Freight A/c is under type Expense Account - Increases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - decreases.
Journal Entry
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Double Entry System of Book Keeping
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