Q3 Enter the following hypothetical transaction in the appropriate typ

1.	Q3 Enter the following hypothetical transaction in the appropriate type of the cash books and post the same to the relevant ledger account: 2008 July 1 Started business with an investment of Rs. 9,000 July 2 Deposited in Bank of India, Rs. 7,000 July 4 Acquired a building by issuing a cheque of Rs. 5,000 July 10 Jwy 15 Purcahscd Rs. 800 of merchandise by chcque. July 18 Withdrew Rs. 100 from the bank July 20 Sold merchandise for RS. 1,200 July 22 Deposited Rs. 2,000 into the bank July 25 Bought Rs. 1,000 merchandise July 26 Sold Rs. 1,500 merchandise by crosscd cheque July 27 Paid Rs. 100 by chequc as the premium for insuring building against fire July 28 Paid freight Rs. 50 Jwy 30 Withdraw from bank for persoria usc Rs. SOO Jwy 31 Cleared electricity bill Rs. 90 Jwy 31 Paid to Mahesh Rs. 1,080 in full satisfaction by cheque. We owed to Mahesh Rs. 1,100 for goods purchased. July 31 Received from Suresh a cheque for Rs. 1,480, in full satisfactin of the debt of Rs., 1,510. \|
Answer» ong>Answer: Identify the 'Accounting Concepts' INVOLVED in the following: a) Production Manager of the company is interested to reflect the good industrial RELATIONS in the accounts. b) Machine is recorded at cost (Rs. 50,000) while the market VALUE is Rs. 45,000. c) Accounts are prepared at the end of every year. d) Same accounting METHODS are used year after year.

Q3 Enter the following hypothetical transaction in the appropriate type of the cash books and post the same to the relevant ledger account: 2008 July 1 Started business with an investment of Rs. 9,000 July 2 Deposited in Bank of India, Rs. 7,000 July 4 Acquired a building by issuing a cheque of Rs. 5,000 July 10 Jwy 15 Purcahscd Rs. 800 of merchandise by chcque. July 18 Withdrew Rs. 100 from the bank July 20 Sold merchandise for RS. 1,200 July 22 Deposited Rs. 2,000 into the bank July 25 Bought Rs. 1,000 merchandise July 26 Sold Rs. 1,500 merchandise by crosscd cheque July 27 Paid Rs. 100 by chequc as the premium for insuring building against fire July 28 Paid freight Rs. 50 Jwy 30 Withdraw from bank for persoria usc Rs. SOO Jwy 31 Cleared electricity bill Rs. 90 Jwy 31 Paid to Mahesh Rs. 1,080 in full satisfaction by cheque. We owed to Mahesh Rs. 1,100 for goods purchased. July 31 Received from Suresh a cheque for Rs. 1,480, in full satisfactin of the debt of Rs., 1,510. |

Answer»

ong>Answer:

Identify the 'Accounting Concepts' INVOLVED in the following:

a) Production Manager of the company is interested to reflect the good industrial RELATIONS in the

accounts.

b) Machine is recorded at cost (Rs. 50,000) while the market VALUE is Rs. 45,000.