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Showing posts from August 24, 2013

lecture 8

RULES OF DOUBLE ENTRY SYSTEMPERSONAL A/C - DR. THE DEBTOR                                           CR. THE CREDITOR
REAL A/C - DR. WHAT COMES IN                                 CR. WHAT GOES OUT 
NOMINAL A/C -  DR. ALL EXPENSES AND LOSSES                                           CR. ALL INCOMES AND GAINS 

PRACTICAL QUESTIONS
CASH BORROWED FROM KAPIL RS. 10,000 CASH A/c  TO KAPIL  MONEY LENT TO SACHIN RS. 2,000 SACHIN A/c TO CASH A/c FURNITURE PURCHASED RS. 1,000 FURNITURE A/c TO CASH A/c GOODS PURCHASED RS. 3,000 PURCHASES A/c TO CASH A/c SALARY PAID TO VERU RS. 500 SALARY A/c TO CASH A/c