Practice Sheet-11 - Debit and Credit Ledger Account selection with Journal Entry
Practice Sheet - 11 of 12 (Transactions for the month of Feb' 2022)
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 February' 2022 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 : 01/02/2022 (Transaction No. 204)
Amount withdrawn by proprietor for ₹7,500/- towards his personal expenses.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 : 01/02/2022 (Transaction No. 205)
Amount paid towards Salary for ₹10,000/- vide Chq No-700118 for the month of Jan’ 2022 from Axis Bank Current A/c.
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 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 : 01/02/2022 (Transaction No. 206)
Amount paid to Mr. Rakesh Das for ₹4,000/- towards Rent for the month of Jan’ 2022.
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 : 01/02/2022 (Transaction No. 207)
Amount paid to Lotus Stationery Shop towards office stationery for ₹126/- as per CM No-947.
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 : 01/02/2022 (Transaction No. 208)
Amount paid to Mother Teresa Charitable Trust for ₹2,300/- towards donation as per Money Receipt No-510.
Debit Ledger : Donation A/c
In Traditional Approach - Donation A/c is under type Nominal Account - Expense.
In Modern Approach - Donation 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 : 01/02/2022 (Transaction No. 209)
Amount paid towards purchase of broom for ₹120/-.
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 : 01/02/2022 (Transaction No. 210)
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 : 01/02/2022 (Transaction No. 211)
Amount paid towards petrol for vehicle for ₹175/-.
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 : 01/02/2022 (Transaction No. 212)
Goods sold to Ambica Agency, Odisha for ₹21,240/- as per Invoice No-15
Item/Product/Taxable Value ₹18,000 CGST ₹1,620 and SGST ₹1,620
Total Invoice Value is ₹21,240/-(i.e Taxable Value ₹18,000 + CGST ₹1,620 + SGST ₹1,620).
See the Invoice details below.
Debit Ledger : Ambica Agency, Odisha A/c
In Traditional Approach :
Ambica Agency, Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Ambica Agency, 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
Click here to know how to enter the above Sales Voucher in TallyPrime.
Date : 02/02/2022 (Transaction No. 213)
Amount paid to Lily Book Store as per CM No-2865 towards purchase of office stationery for ₹253/-.
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 : 02/02/2022 (Transaction No. 214)
Amount paid to CESU towards electric bill for ₹510/- for the month of Jan’ 2022.
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 : 02/02/2022 (Transaction No. 215)
Amount paid to BSNL towards telephone bill for the month of Jan’ 2022 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
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/02/2022 (Transaction No. 216)
Amount paid towards petrol for vehicle for ₹170/-.
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 : 02/02/2022 (Transaction No. 217)
Goods purchased from SPN Electrical Pvt. Ltd, Maharastra for ₹5,98,700/- as per Invoice No-3000001230.
Item/Product/Taxable Value ₹5,11,400/-, IGST ₹87,300.
Total Invoice Value is ₹5,98,700(i.e Taxable Value ₹5,11,400 + IGST ₹87,300).
See the Invoice details below.
Debit Ledgers are :
Purchases A/c
IGST A/c
In Traditional Approach :
Purchases A/c is under type Nominal Account - Expense.
IGST A/c is under type Personal Account - Receiver.
In Modern Approach :
Purchases A/c is under type Asset Account - Increase.
IGST A/c is under type Asset Account - Increase.
Credit Ledger : SPN Electrical Pvt. Ltd, Maharastra A/c
In Traditional Approach - SPN Electrical Pvt. Ltd, Maharastra A/c is under Personal Account - Giver.
In Modern Approach - SPN Electrical Pvt. Ltd, Maharastra A/c is under Liability Account - Increases.
Journal Entry
Click here to know how to enter the above Purchase Voucher in TallyPrime.
Date : 02/02/2022 (Transaction No. 218)
Amount paid to ABC Roadways vide Chq No-700119 for ₹4,986/- from Axis Bank Current A/c towards transportation charges for the 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 : 02/02/2022 (Transaction No. 219)
Goods purchased from SPN Electrical Pvt. Ltd, Maharastra for ₹7,31,110/- as per Invoice No-3000001235.
Item/Product/Taxable Value ₹5,89,500/-, IGST ₹1,41,610.
Total Invoice Value is ₹7,31,110(i.e Taxable Value ₹5,89,500 + IGST ₹1,41,610).
See the Invoice details below.
Debit Ledgers are :
Purchases A/c
IGST A/c
In Traditional Approach :
Purchases A/c is under type Nominal Account - Expense.
IGST A/c is under type Personal Account - Receiver.
In Modern Approach :
Purchases A/c is under type Asset Account - Increase.
IGST A/c is under type Asset Account - Increase.
Credit Ledger : SPN Electrical Pvt. Ltd, Maharastra A/c
In Traditional Approach - SPN Electrical Pvt. Ltd, Maharastra A/c is under Personal Account - Giver.
In Modern Approach - SPN Electrical Pvt. Ltd, Maharastra A/c is under Liability Account - Increases.
Journal Entry
Click here to know how to enter the above Purchase Voucher in TallyPrime.
Date : 02/02/2022 (Transaction No. 220)
Amount paid to ABC Roadways vide Chq No-700120 for ₹5,895/- from Axis Bank Current A/c towards transportation charges for the 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 : 02/02/2022 (Transaction No. 221)
Goods sold to Radhakrishna Enterprises, Odisha for ₹2,08,671.60 as per Invoice No-16.
Item/Product/Taxable Value ₹1,69,620/-, CGST ₹19,525.80 and SGST ₹19,525.80
Total Invoice Value is ₹2,08,671.60(i.e Taxable Value ₹1,69,620 + CGST ₹19,525.80 + SGST ₹19,525.80).
See the Invoice details below.
Debit Ledger : Radhakrishna Enterprises,Odisha A/c
In Traditional Approach :
Radhakrishna Enterprises,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Radhakrishna Enterprises,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
Click here to know how to enter the above Sales Voucher in TallyPrime.
Related Articles :
Double Entry System of Book Keeping
Trading and Profit & Loss Account
Comments
Post a Comment