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  • Comman Journal Entries

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    DISHAN
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    This document outlines 14 basic accounting transactions: 1) Starting a business by depositing cash into a capital account, 2) Buying assets by debiting assets and crediting capital, 3) Buying assets on credit by debiting assets and crediting capital, 4-5) Purchasing goods by cash/cheque or credit by debiting purchases and crediting cash/bank or creditors, 6-7) Selling assets for cash/cheque or on credit by debiting cash/bank or debtors and crediting assets, 8-9) Selling goods for cash/cheque or on credit by debiting cash/bank or debtors and crediting sales, 10) Paying expenses by debiting

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    This document outlines 14 basic accounting transactions: 1) Starting a business by depositing cash into a capital account, 2) Buying assets by debiting assets and crediting capital, 3) Buying assets on credit by debiting assets and crediting capital, 4-5) Purchasing goods by cash/cheque or credit by debiting purchases and crediting cash/bank or creditors, 6-7) Selling assets for cash/cheque or on credit by debiting cash/bank or debtors and crediting assets, 8-9) Selling goods for cash/cheque or on credit by debiting cash/bank or debtors and crediting sales, 10) Paying expenses by debiting

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    6 views3 pages

    Comman Journal Entries

    Uploaded by

    DISHAN
    This document outlines 14 basic accounting transactions: 1) Starting a business by depositing cash into a capital account, 2) Buying assets by debiting assets and crediting capital, 3) Buying assets on credit by debiting assets and crediting capital, 4-5) Purchasing goods by cash/cheque or credit by debiting purchases and crediting cash/bank or creditors, 6-7) Selling assets for cash/cheque or on credit by debiting cash/bank or debtors and crediting assets, 8-9) Selling goods for cash/cheque or on credit by debiting cash/bank or debtors and crediting sales, 10) Paying expenses by debiting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    1.

    Starting the business/commencing the business


    Cash a/c dr
    To capital a/c
    2.Bought the asset
    Asset a/c dr
    To capital a/c
    3.Bought the asset through credit
    Asset a/c dr
    To capital a/c
    4.Purchace of good by cash or cheque
    Purchace a/c dr
    To cash/bank a/c
    5.Purchace of goods on credit
    Purchace a/c dr
    To creditors a/c
    6. Sale of assets for cash or by cheque
    Cash/bank a/c dr
    To asset a/c
    7.Sale of assets on credit
    Debtors a/c dr
    To asset a/c
    8.Sale of goods for cash or cheque
    Cash/bank a/c dr
    To sales a/c
    9.Sale of goods on credit
    Debtors a/c dr
    To sales a/c
    10.Payment of expencess
    Expencess a/c dr
    To cash/bank a/c
    11.Recived income
    Cash a/c dr
    To income a/c
    12.Witdraw goods/cash for personal use
    Drawing a/c dr
    To cash/purchace a/c
    13.Deposited cash in bank
    Bank a/c dr
    To cash a/c
    14.Withdraw cash from bank
    Cash a/c dr
    To bank a/c

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