To which account, the following transactions will be debited and credited in the books of Ganesh? Describe with reason.
1. ₹75,000 brought in cash and commenced business.
2. Incurred Puja expenses of ₹2,000.
3. Brought personal furniture of ₹10,000.
4. Deposited ₹30,000 to State Bank of India.
5. Obtained loan of ₹30,000 from wife.
6. Purchase is made of ₹20,000 and amount is paid by cheque.
7. Sales is made of ₹42,000 and amount is received by cheque.
8. Withdrawn ₹22,000 from Bank.
9. ₹2,000 paid Insurance premium by cheque.
10. ₹3,500 received for brokerage.
11. Goods of ₹12,000 sold to Dani. Amount received by cheque.
12. Goods of ₹8,000 purchased from Dipak. Amount paid by cheque.
13. Withdrawn ₹2,500 from business for personal use.
14. Withdrawn goods of ₹1,500 from business for personal use.
15. Dividend received ₹2,000 through cheque. Cheque deposited with bank.
16. Bank has credited ₹200 of interest.
17. Bank has debited ₹100 of bank charges.
18. Wages paid ₹300.
19. Paid loan interest of ₹350.
20. Machine purchased of ₹12,000.
Sr. No. | Transaction | Dr. Benefit receiver person | Dr. Goods/Asset comes in | Dr. In case of Expense/ Loss | Cr. Benefit giver person | Cr. Goods/ Asset goes out | Cr. In case of Income/gain |
1 | ₹75,000 brought in cash and commenced business. |
| Debit to Cash A/c |
| Credit to Capital A/c |
|
|
2 | Incurred Puja expenses of ₹2,000. |
|
| Debit to Puja expenses A/c |
| Credit to Cash A/c |
|
3 | Brought personal furniture of ₹10,000. |
| Debit to Furniture A/c |
| Credit to Capital A/c |
|
|
4 | Deposited ₹30,000 to State Bank of India. |
| Debit to State Bank of India A/c |
|
| Credit to Cash A/c |
|
5 | Obtained loan of ₹30,000 from wife. |
| Debit to cash A/c |
| Credit to Wife Loan A/c |
|
|
6 | Purchase is made of ₹20,000 and amount is paid by cheque |
| Debit to Purchase A/c |
|
| Credit to Bank A/c |
|
7 | Sales is made of ₹42,000 and amount is received by cheque. |
| Debit to Bank A/c |
|
| Credit Sales A/c |
|
8 | Withdrawn ₹22,000 from Bank. | Debit to Drawings A/c |
|
|
| Credit to Cash A/c |
|
9 | ₹2,000 paid Insurance premium by cheque. |
| Debit to Insurance premium A/c |
|
| Credit to Bank A/c |
|
10 | ₹3,500 received for brokerage. |
| Debit to Cash A/c |
|
|
| Credit to Brokerage A/c |
11 | Goods of ₹12,000 sold to Dani. Amount received by cheque. |
| Debit to Bank A/c |
|
| Credit to Sales A/c |
|
12 | Goods of ₹8,000 purchased from Dipak. Amount paid by cheque. |
| Debit to Purchase A/c |
|
| Credit to Bank A/c |
|
13 | Withdrawn ₹2,500 from business for personal use. | Debit to Drawings A/c |
|
| Credit to Cash A/c |
|
|
14 | Withdrawn goods of ₹1,500 from business for personal use | Debit to Drawings A/c |
|
| Credit to Goods A/c |
|
|
15 | Dividend received ₹2,000 through cheque. Cheque deposited with bank. |
| Debit to Bank A/c |
|
|
| Credit to Dividend A/c |
16 | Bank has credited ₹200 of interest. |
| Debit to cash A/c |
|
|
| Credit to interest A/c |
17 | Bank has debited ₹100 of bank charges. |
|
| Debit to Bank charges |
| Credit to cash A/c |
|
18 | Wages paid ₹300. |
|
| Debit to Wages A/c |
| Credit to cash A/c |
|
19 | Paid loan interest of ₹350. |
|
| Debit to Interest loan A/c |
| Credit to Cash A/c |
|
20 | Machine purchased of ₹12,000. |
| Debit to purchase A/c |
|
| Credit to cash A/c |
|