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MB0041 Q1. Analyze the following transaction under traditional approach

18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000
19.1.2011 Paid Ramu by cheque Rs.1,50,000
20.1.2011 Paid salary Rs. 30,000
20.1.2011 Paid rent by cheque Rs. 8,000
21.1.2011 Goods withdrawn for personal use Rs. 5,000
25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000
26.1.2011 Received an advance from customers Rs. 3,00,000
31.1.2011 Paid interest on loan Rs. 5,000
31.1.2011 Paid instalment of loan Rs. 25,000
31.1.2011 Interest allowed by bank Rs. 8,000

Solutions:

Sl.
No.
Accounts
Involved
Nature of
Account
Affects
Debit/
Credit

Cash a/c
Sanjay a/c
Real
Personal
Cash (cheque) is coming in
Sanjay is the giver
Debit
Credit

Ramu’s a/c
Bank a/c
Personal
Personal
Ramu is the receiver
Bank is the giver
Debit
Credit
a.
Salary a/c
Cash a/c
Nominal
Real
Salary is an expense
Cash is going out
Debit
Credit

b.
Rent a/c
Bank a/c
Nominal
Personal
Rent is an expense
Bank is the giver
Debit
Credit
c.
Drawings a/c
Purchase a/c
Personal
Nominal
Sanjay is the receiver
Decrease is stock
Debit
Credit
d.
Adv to Suppliers a/c
Cash a/c
Personal
Real
Suppliers are the receivers
Cash is going out
Debit
Credit
e.
Cash a/c
Advance from
customers a/c
Real
Personal
Cash is coming in
Customers are givers
Debit
Credit
f.
Interest on loans
a/c
Cash a/c
Nominal
Real
Interest is expense
Cash is going out
Debit
Credit

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