Practice Sheet-7 - Debit and Credit Ledger Account selection with Journal Entry
Practice Sheet - 7 of 12 (Transactions for the month of Oct' 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 October' 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 : 01/10/2021 (Transaction No. 111)
₹6,000/- paid to proprietor towards his personal expenses.
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 : 01/10/2021 (Transaction No. 112)
Chq No-700110 of Axis Bank Current Account for ₹10,000/- paid towards salary for the month of Sep’ 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 : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - decreases.
Journal Entry
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Date : 01/10/2021 (Transaction No. 113)
Amount paid to Lotus Stationery Shop for ₹152/- towards purchase of office stationery as per CM No-395.
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 type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 01/10/2021 (Transaction No. 114)
Amount paid to BSNL towards telephone bill for the month of Sep’ 2021 for ₹635/-.
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 : 01/10/2021 (Transaction No. 115)
₹180/- 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 : 01/10/2021 (Transaction No. 116)
Goods purchased from Krishna Enterprises, Odisha for ₹5,71,721.80 as per Invoice No-1162.
Item/Product/Taxable Value ₹4,84,510/-, CGST ₹43,605.90 and SGST ₹43,605.90
Total Invoice Value is ₹5,71,721.80(i.e Taxable Value ₹4,84,510 + CGST ₹43,605.90 + SGST ₹43,605.90).
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 : 01/10/2021 (Transaction No. 117)
Chq No-700111 of Axis Bank Current A/c for ₹3,634/- paid to ABC Roadways towards transportation charges for above purchase.
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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Date : 01/10/2021 (Transaction No. 118)
Interest charged on HDFC Bank(Cash Credit) A/c for ₹27,036/-.
Debit Ledger : Interest on Bank Loan A/c
In Traditional Approach - Interest on Bank Loan A/c is under type Nominal Account - Expense.
In Modern Approach - Interest on Bank Loan A/c is under type Expense Account - Increases.
Credit Ledger : HDFC Bank(Cash Credit) A/c
In Traditional Approach - HDFC Bank(Cash Credit) A/c is under Real Account - Goes Out.
In Modern Approach - HDFC Bank(Cash Credit) A/c is under Liability Account - Increases.
Journal Entry
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Date : 01/10/2021 (Transaction No. 119)
Amount received from Maa Electrical Pvt. Ltd, Odisha for ₹6,48,292.92 through RTGS into Axis Bank Current A/c towards outstanding due.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Maa Electricals Pvt.Ltd,Odisha A/c
In Traditional Approach - Maa Electricals Pvt.Ltd,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Maa Electricals Pvt.Ltd,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 01/10/2021 (Transaction No. 120)
Goods sold to Jagannath Sales, Odisha for ₹1,13,553.72 as per Invoice No-9.
Item/Product/Taxable Value ₹96,354/-, CGST ₹8,599.86 and SGST ₹8,599.86
Total Invoice Value is ₹1,13,553.72(i.e Taxable Value ₹96,354 + CGST ₹8,599.86 + SGST ₹8,599.86).
See the Invoice details below.
Debit Ledger : Jagannath Sales, Odisha A/c
In Traditional Approach :
Jagannath Sales, Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Jagannath Sales, Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
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Date :02/10/2021 (Transaction No. 121)
Amount paid to Krishna Enterprises, Odisha through NEFT from Axis Bank Current for ₹1,36,703.80 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 : 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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Date : 02/10/2021 (Transaction No. 122)
Amount paid to Mr. Rakesh Das for ₹4,000/- towards Rent for the month of Sep’ 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 : 02/10/2021 (Transaction No. 123)
₹395/- paid to CESU towards electric bill for the month of Sep’ 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 type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 02/10/2021 (Transaction No. 124)
₹4,600/- paid towards staff food expenses.
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 : 02/10/2021 (Transaction No. 125)
Amount paid towards petrol for vehicle for ₹265/-.
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 : 02/10/2021 (Transaction No. 126)
Amount received from Jagannath Sales, Odisha through NEFT credited into Axis Bank Current A/c for ₹1,54,428.72 towards outstanding due.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Jagannath Sales,Odisha A/c
In Traditional Approach - Jagannath Sales,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Jagannath Sales,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 02/10/2021 (Transaction No. 127)
Goods sold to Santoshi Trading Co., Odisha for ₹82,223.76 as per Invoice No-10.
Item/Product/Taxable Value ₹69,798.00 CGST ₹6,212.88 and SGST ₹6,212.88
Total Invoice Value is ₹82,223.76(i.e Taxable Value ₹69,798.00 + CGST ₹6,212.88 + SGST ₹6,212.88).
See the Invoice details below.
Debit Ledger : Santoshi Trading Co,Odisha A/c
In Traditional Approach :
Santoshi Trading Co,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Santoshi Trading Co,Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
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Date : 31/10/2021 (Transaction No. 128)
Amount paid to Krishna Enterprises, Odisha for ₹5,71,721.80 through RTGS from Axis Bank Current A/c 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 : 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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Date : 31/10/2021 (Transaction No. 129)
Amount paid to Lotus Stationery Shop towards purchase of office stationery for ₹112/- as per CM No-428.
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 type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 31/10/2021 (Transaction No. 130)
Amount paid towards Festival Celebration for ₹5,235/-.
Debit Ledger : Festival Celebration Expenses A/c
In Traditional Approach - Festival Celebration Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Festival Celebration Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
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Date : 31/10/2021 (Transaction No. 131)
Amount paid to BSNL towards Telephone Bill for the month of Oct’ 2021 for ₹640/-.
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 : 31/10/2021 (Transaction No. 132)
₹223/- 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 : 31/10/2021 (Transaction No. 133)
Amount paid to Mr.Abhisek for ₹5,175/- towards commission after ITDS(Income Tax Deducted at Source) 10% on Total commission for ₹5,750/-.
Debit Ledger : Commission A/c
In Traditional Approach - Commission A/c is under type Nominal Account - Expense.
In Modern Approach - Commission A/c is under type Expense Account - Increases.
Credit Ledgers are :
1. ITDS A/c
2. Cash A/c
In Traditional Approach - ITDS A/c is under Personal Account - Giver.
In Modern Approach - ITDS A/c is under Liability Account - increases.
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 : 31/10/2021 (Transaction No. 134)
Amount received from Jagannath Sales, Odisha vide Chq No-205309 for ₹1,13,553.72 towards outstanding due and deposited into Axis Bank Current A/c.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Jagannath Sales,Odisha A/c
In Traditional Approach - Jagannath Sales,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Jagannath Sales,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/10/2021 (Transaction No. 135)
Amount received from Santoshi Trading Co., Odisha vide Chq No-102384 for ₹82,223.76 towards outstanding due and deposited into Axis Bank Current A/c.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Santoshi Trading Co,Odisha A/c
In Traditional Approach - Santoshi Trading Co,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Santoshi Trading Co,Odisha A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/10/2021 (Transaction No. 136)
₹89/- charged on Axis Bank Current A/c towards service charges.
Debit Ledger : Bank Charges A/c
In Traditional Approach - Bank Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Bank Charges 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
View Reports in TallyPrime Accounting Software.
One can view different Reports like Ledger Statements, Trial Balance, Profit & Loss Account, Balance Sheet etc. at any time for any period.
1) Let's View Trial Balance as on date 31/10/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'D' or select and press 'Enter Key' on 'Display More Reports'
Press 'T' or select and press 'Enter Key' on 'Trial Balance'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/10/2021)
After entry the required date range, press 'Enter Key'Press 'Alt+F1' to view Trial Balance in detail format(Group with Ledger Wise)
The above image is the Final view of Trial Balance from date 01/04/2021 to 31/10/2021.
2) Let's View Profit & Loss Account as on date 31/10/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'P' or select and press 'Enter Key' on 'Profit & Loss A/c'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/10/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Profit & Loss A/c in details.
The above image is the Final view of Profit & Loss Account from date 01/04/2021 to 31/10/2021.
3) Let's View Balance Sheet as on date 31/10/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'B' or select and press 'Enter Key' on 'Balance Sheet'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/10/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Balance Sheet in details.
The above image is the Final view of Balance Sheet from date 01/04/2021 to 31/10/2021.
Related Articles :
Double Entry System of Book Keeping
Trading and Profit & Loss Account
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