Q3 Enter the following hypothetical transaction in the appropriate typ

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

Answer»

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.