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 Withdrawn ₹22,000 from Bank. 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 Withdrawn ₹2,500 from business for personal use. 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 Withdrawn goods of ₹1,500 from business for personal use.   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. 

Solution: 

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Withdrawn ₹22,000 from Bank.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 

 

 

 

 


To which account, the following transactions will be debited and credited in the books of Ganesh? Describe with reason.

Popular posts from this blog

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments with the help of following information

Trial Balance as on 31st March, 2019   Debit Balance   Amount   Credit Balance   Amount   Land & Building   40,000  Capital A/c Sun  33,500   Moon  33,500  Furniture  18,000  Current A/c: Sun   6,000  Machinery  40,000  Sundry Creditors  25,000  (Purchased on 01/07/18)    Bank Overdraft   10,000  Goodwill  2,000  Reserve Fund  5,000  Wages  2,000  Provident Fund  5,000  Current A/c: Moon  4,000      8% Debentures  8,000      (Purchased on (01/10/18)        Providend Fund Investment  3,500      Stock of Postal stamps  500        1,18,000     1,18,000               Adjustments:   1. Partners are entitled to get salary 6,000 p.a. in additional to their profit & loss sharing.   2. Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.    3. Interest on Capital 5% p.a.     4. Closing stock 60,743   5. Wages included 1,000 as advance given to workers.   6. Interest due but not paid 800.   7. Total Net Profit amounted to 38,113.           Solutio
Read more

CLASS 11th BOOK KEEPING & ACCOUNTANCY

Class 11 Chapter 3 - Journal Entry Solution     Class 11 Chapter 4 - Ledger Accounts   Class 11 Chapter 5 - Subsidiary Book Solution   Class 11 Chapter 6 - Bank Reconciliation Statement     Class 11 Chapter 7 - Depreciation       Class 11 Chapter 8 - Rectification of Errors Solution in Accounting Journal Entry   Class 11 Chapter 9 - Final Account of Proprietary Concern         Maharashtra board Class 11th chapter 3 Journal Entry Solutions
Read more

Class 11th Chapter 4 Ledger Solutions | Class 11 Ledger Practical Problems Solutions

Image
PRACTICAL PROBLEMS   Q.1 Give Journal entries of the following posting from the ledger account.   Q.2 Prepare necessary ledger account from the following Subsidiary Books.   Q.3 From the following Transactions prepare necessary Ledger accounts in the Books of Vinay and balance the same. Q.4 Journalise the following transactions and prepare cash account only. Q.5 Prepare Aparna's account in the books of Suparna.   Q.6. Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.   Q.7. Journalise the following transactions; post them into Ledger for February 2019.   Q.8 Journalise the following transactions and prepare ledger accounts in the books of Sanjeev.   EXERCISE   Q.6 Complete the following table.     Image by- Edaccountancy   Q.7 Put ✔️ mark for the nature of balance for the following. Image by- Edaccountancy   The practical problems presented above aim to reinforce students' understanding of ledger accounts, subsi
Read more

Student Reviews

Very helpful for getting a solution. Thank you!

I like all your posts. You have done really good work. Thank you for the information you provide; it helped me a lot.

The answers are so perfect and proper 🌝

Nice explanation in full detail is very helpful.

It's very easy to learn.

Privacy Statement: We respect student privacy and do not share any personal information. Reviews are voluntarily provided to showcase genuine appreciation for our content.