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Transaction Type

The document outlines various types of journal entries categorized by transaction type, including cash sales, credit sales, purchases, payments, and income. Each entry is accompanied by a debit and credit account along with a narration example explaining the transaction. This serves as a guide for recording financial transactions accurately in accounting.

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iimmba131
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11 views1 page

Transaction Type

The document outlines various types of journal entries categorized by transaction type, including cash sales, credit sales, purchases, payments, and income. Each entry is accompanied by a debit and credit account along with a narration example explaining the transaction. This serves as a guide for recording financial transactions accurately in accounting.

Uploaded by

iimmba131
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Types of Journal Entries – Transaction Wise

Transaction Type Journal Entry Narration Example


Cash A/c Dr.
1. Cash Sales Being goods sold for cash
To Sales A/c
Debtors A/c Dr.
2. Credit Sales Being goods sold on credit
To Sales A/c
Purchases A/c Dr.
3. Cash Purchases Being goods purchased for cash
To Cash A/c
Purchases A/c Dr.
4. Credit Purchases Being goods purchased on credit
To Creditors A/c
Creditors A/c Dr.
5. Payment to Creditors Being amount paid to creditors
To Cash/Bank A/c
Cash/Bank A/c Dr.
6. Receipt from Debtors Being amount received from debtors
To Debtors A/c
Salaries A/c Dr.
7. Salaries Paid Being salaries paid
To Cash A/c
Rent A/c Dr.
8. Rent Paid Being rent paid by cheque
To Bank A/c
Cash/Bank A/c Dr.
9. Commission Received Being commission income received
To Commission Received A/c
Depreciation A/c Dr.
10. Depreciation Being depreciation charged on asset
To Asset A/c
Asset A/c Dr.
11. Asset Purchase Being machinery purchased
To Cash/Bank A/c
Cash/Bank A/c Dr.
12. Capital Introduced Being capital introduced by proprietor
To Capital A/c
Drawings A/c Dr.
13. Drawings Being goods/cash withdrawn for personal use
To Cash/Goods A/c
Expense A/c Dr.
14. Outstanding Expense Being expense due but unpaid
To Outstanding Expense A/c
Prepaid Expense A/c Dr.
15. Prepaid Expense Being prepaid expense recorded
To Expense A/c
Accrued Income A/c Dr.
16. Accrued Income Being income earned but not yet received
To Income A/c
Bank Charges A/c Dr.
17. Bank Charges Being bank charges debited by bank
To Bank A/c
Debtors A/c Dr.
18. Cheque Dishonour Being cheque dishonoured
To Bank A/c
Loss by Fire A/c Dr.
19. Goods Lost by Fire Being goods lost by fire
To Purchases/Stock A/c
Insurance Company A/c Dr.
20. Insurance Claim Accepted Being claim accepted by insurance company
To Loss by Fire A/c

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