Thanks to visit codestin.com
Credit goes to www.scribd.com

Scribd
Upload
177 views2 pages

Types of Transaction: Being Name of Person's Cheque Returned Cheque

The document lists various types of business transactions and their corresponding journal entries. It includes common transactions like purchasing and selling goods for cash or credit, paying and receiving payments, withdrawing or depositing cash, and various accounting entries for expenses, returns, donations, and bank charges. For each transaction type, it provides the affected accounts, debit and credit amounts or sides of the journal entry, and a brief narrative to explain the purpose of the transaction.

Uploaded by

Dipendra Giri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
177 views2 pages

Types of Transaction: Being Name of Person's Cheque Returned Cheque

The document lists various types of business transactions and their corresponding journal entries. It includes common transactions like purchasing and selling goods for cash or credit, paying and receiving payments, withdrawing or depositing cash, and various accounting entries for expenses, returns, donations, and bank charges. For each transaction type, it provides the affected accounts, debit and credit amounts or sides of the journal entry, and a brief narrative to explain the purpose of the transaction.

Uploaded by

Dipendra Giri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 2

Types of transaction Effects on transaction Journal Entries Narration

Cash Purchase of Purchase a/c & Cash Purchase a/c.............Dr. Being goods purchased
Goods a/c To cash a/c on Cash
Started business Cash a/c & Capital a/c Cash a/c...........Dr. Being business started
To capital a/c with cash
Cash sales of goods Cash a/c & Sales a/c Cash a/c ..........Dr. Being goods sales for
To Sales a/c cash
Credit Sales of goods Debtor’s a/c & Sales Debtor’s a/c.......Dr. Being goods sold on
a/c To sales a/c credit
Sales return of goods Sales return a/c & Sales a/c..........Dr. Being goods returned
Debtor’s a/c To Debtor’s a/c by Debtor’s
Credit purchase of Purchase a/c & Purchase.........Dr. Being goods purchased
goods Creditors a/c To Creditor’s a/c on Credit
Purchase return good Creditor’s a/c & Creditors a/c........Dr. Being goods return to
of goods Purchase Return a/c To Purchase return a/c Creditors
Receipt of cash on Cash a/c & person/ Creditor a/c............Dr. Being amount received
account organization a/c To person/ org a/c from person/ org
Payment of expenses Expenses a/c & Cash Expenses a/c...............Dr. Being expenses paid
a/c To Cash a/c
Cash withdrawl for Drawing a/c & Cash Drawing a/c..........Dr. Being cash withdrawn
personal use a/c To Cash a/c for personal use
Goods withdrawn for Drawing a/c & Drawing a/c.............Dr. Being goods withdrawn
personal use by owner Purchase a/c To Purchase a/c for personal use
Deposite Cash into Bank a/c & Cash a/c Bank a/c...........Dr. Being cash deposite
Bank To Cash a/c into Bank
Dishonour of cheque Name of Party a/c & Name of Party a/c.....Dr. Being Name of person’s
Bank a/c To Cash a/c cheque returned cheque
Payment by cheque Name of Party’s a/c & Name of Party’s a/c.....Dr. Being amount paid by
Bank a/c To Bank a/c cheque
Cash withdrawn from Cash a/c & Bank a/c Cash a/c ............Dr. Being cash withdrawn
Bank for office To Bank from Bank for office use
Cash withdrawn from Drawing a/c & Bank Drawing a/c........Dr. Being cash withdrawn
Bank for office use a/c To Bank from Bank for Personal
use
Payment of expenses Expenses a/c & Bank Expenses a/c........Dr. Being expenses paid by
by Cheque a/c To Bank a/c Cheque
Bank charges charged Bank charges a/c & Bank charges ......Dr. Being bank charged for
by Bank Bank a/c To Bank a/c its services
Cash or goods given as Charity a/c & Purchase Charity a/c..........Dr. Beings goods as Charity
charity a/c To purchase a/c
Goods distributed as Free sample a/c & Free Sample a/c.......Dr. Being goods given as
free Samples Purchase a/c To purchase a/c Charity

You might also like