Practice Sheet-8 - Debit and Credit Ledger Account selection with Journal Entry
Practice Sheet - 8 of 12 (Transactions for the month of Nov' 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 November' 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 : 01/11/2021 (Transaction No. 137)
₹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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/11/2021(Transaction No. 138)
Opened Fixed Deposit Account with Axis Bank by transfer from Axis Bank Current A/c for ₹2,00,000/- with ROI 9% p.a for 3 year.
Debit Ledger : Fixed Deposit with Axis Bank A/c
In Traditional Approach - Fixed Deposit with Axis Bank A/c is under type Real Account -Comes In
In Modern Approach - Fixed Deposit with Axis Bank A/c is under type Asset 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/11/2021 (Transaction No. 139)
Amount paid towards salary for the month of Oct’ 2021 for ₹10,000/-.
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 type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/11/2021 (Transaction No. 140)
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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/11/2021 (Transaction No. 141)
Amount paid towards petrol for vehicle for ₹120/-.
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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 142)
Amount paid to Mr. Rakesh Das towards Rent for ₹4,000/- for the month of Oct’ 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 143)
Amount paid to Lotus Stationery Shop towards office stationery for ₹720/- as per CM No-517.
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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 144)
₹425/- paid to CESU towards electric bill for the month of Oct’ 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 145)
₹1710/- paid towards sales promotion meeting expenses.
Debit Ledger : Sales Promotion A/c
In Traditional Approach - Sales Promotion A/c is under type Nominal Account - Expense.
In Modern Approach - Sales Promotion 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 146)
Amount paid for ₹452/- towards soap and phenyle expenses for office cleaning.
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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 147)
Amount paid towards petrol for vehicle for ₹155/-.
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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 148)
Goods purchased from Sagar Traders, Odisha for ₹4,41,054.50 as per Invoice No-KA/1275.
Item/Product/Taxable Value ₹3,73,775/-, CGST ₹33,639.75 and SGST ₹33,639.75
Total Invoice Value is ₹4,41,054.50(i.e Taxable Value ₹3,73,775 + CGST ₹33,639.75 + SGST ₹33,639.75).
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 : Sagar Traders,Odisha A/c
In Traditional Approach - Sagar Traders,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Sagar Traders,Odisha A/c is under Liability Account - Increases.
Journal Entry
Click here to know how to enter the above Purchase Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 149)
Amount paid to ABC Roadways vide Chq No-700112 for ₹3,738/- from Axis Bank Current A/c 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/11/2021 (Transaction No. 150)
Amount paid from Axis Bank Current A/c for ₹575/- towards ITDS(Income Tax Deducted at Source) vide e-challan No-CN012345.
Debit Ledger : ITDS A/c
In Traditional Approach - ITDS A/c is under type Personal Account - Receiver.
In Modern Approach - ITDS 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Related Articles :
Double Entry System of Book Keeping
Comments
Post a Comment