Page 61 - DCOM101_FINANCIAL_ACCOUNTING_I

Unit 6: Preparation of Journal

This transaction consists of two accounts only from the Real A/c: Notes

L.F. ` `
Jan 2, 2006 Purchase A/c Dr 10,000
To Cash A/c 10,000
Being cash purchase is made

3. Jan 5, 2006 Goods sold ` 5,000:
Date Divisions of Transactions A/cs involved Golden Rule Registration
Good sold-Movement of the Real A/c- goods are moving Credit what goes out
goods- Movement out-Sale out of the fi rm-Reason for
moving out of goods with
routine trading purpose
–Sale
Jan 5,2006
Collection of Sales bill- Real A/c-Cash resources are Debit what comes in
Movement of cash resources- coming in-sale through cash
Movement in- Cash
This transaction includes two different Real A/cs:

L.F. ` `
Jan 5, 2006 CashA/c Dr 5,000
To Sale A/c 5,000
Being cash sale is made
4. Jan, 10, 2006 Goods purchased from Mittal & Co ` 10,000:

Date Divisions of Transactions A/cs involved Golden Rule
Registration
Goods purchased-Movement Real A/c- goods are moving in Debit What comes in
of the goods –Movement in – coming into the fi rm-reason
–Purchase for moving in-Purchase
Mittal &co- Supplier of Personal A/c- Supplier of the Credit the giver
the goods-Person of legal goods on credit-involves future
Jan 10,2006
relationship-on credit- leads relationship –till the payment
to Person of representations of purchase dues is over -Giver
of the goods (benefi ts)
This transaction has got two different accounts, viz Real A/c and Personal A/c:

L.F. ` `
Jan 10,2006 Purchase A/c Dr 10,000
To Mittal A/c 10,000
Being credit purchase from Mittal

5. Jan, 11,2006 Goods sold to Ganesh & co ` 10,000
Date Divisions of Transactions A/cs involved Golden Rule Registration
Good Sold-Movement of the goods- Real A/c-Movement of the Credit what goes out
Movement out-Sale goods i.e. out of the fi rm-
Reason for moving out-sale
Mr. Ganesh- Buyer of the goods of the Personal A/c-Mr.Ganesh is Debit the receiver
the receiver of the goods on
Jan 11,2006 enterprise on credit-Receiver of the
goods- Person of legal relationship- credit-to be maintained till
Person of representation as well as the bill payments are over
future relationship

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