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Question
Write any one transaction which increases one asset and decreases another asset
One Word/Term Answer
Solution
Gash sales
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Approaches of Recording Transactions
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Chapter 3: Books of Prime Entry - Very short answer questions [Page 58]
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RELATED QUESTIONS
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
The incorrect accounting equation is _____________.
Real account deals with ____________.
Which one of the following is representative personal account?
Write any one transaction which decreases the assets and decreases the liabilities
How are personal accounts classified?
What is an Account?
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 2,00,000 = ? + ₹ 40,000
Complete the accounting equation.
Assets = Capital + Creditors
? = ₹ 1, 60,000 + ₹ 80,000
For the following transactions, show the effect on the accounting equation.
- Raj started business with cash - ₹ 40,000
- Opened bank account with a deposit of - ₹ 30,000
- Bought goods from Hari on credit for - ₹ 12,000
- Raj withdrew cash for personal use - ₹ 1,000
- Bought furniture by using debit card for - ₹ 10,000
- Sold goods to Murugan and cash received - ₹ 6,000
- Money withdrawn from bank for office use - ₹ 1,000
