Question

Question 3
What will be the double entry for below-mentioned transactions? Complete the table.
Transaction Accounts to be debited Accounts to be credited
example Bought a van with cheque. Van Bank
Purchase furniture with cash.
2. Sold goods to Maniam Trading on credit.
3. Made cash sates.
4. Owner brought in additional capital in the form of a motor vehicle.
5. Made credit purchases from Zarina
Enterprises.
6. Paid cash for petrol that is used in delivery van.
7. Received a cheque from Maniam Trading for the amount due.
8. Paid wages to office assistants with cash.
9. Received cheque for commission.
10. Owner withdrew goods for personal use.

Answer 1

Sl No	Transaction	D or C	Accounts	Group	Effect
1	Purchase furniture with cash	Debit	Furniture	Fixed Asset	Increases
		Credit	Cash	Current Asset	Decreases
2	Sold goods to Maniam Trading on credit	Debit	Maniam Trading	Customer	Receivable Increases
		Credit	Sales	Revenue	Turnover Increases
3	Made Cash Sales	Debit	Cash	Current Asset	Increases
		Credit	Sales	Revenue	Turnover Increases
4	Owner brought in additional capital in the form of a motor vehicle	Debit	Motor Vehicle	Fixed Asset	Increases
		Credit	Owner Capital	Proprietor Capital	Increases
5	Made credit purchases from Zarina Enterprises	Debit	Purchases	Purchases	Trading debit
		Credit	Zarina Enterprises	Accounts Payable	Liability Increases
6	Paid cash for petrol that is used in delivery van	Debit	Fuel Expenses	Indirect Expenses	P&L debit
		Credit	Cash	Current Asset	Decreases
7	Received a cheque from Maniam Trading for the amount due	Debit	Bank	Current Asset	Increases
		Credit	Maniam Trading	Customer	Closing the customer receivable
8	Paid wages to office assistants with cash	Debit	Wages	Indirect Expenses	P&L debit
		Credit	Cash	Current Asset	Decreases
9	Received cheque for commission	Debit	Bank	Current Asset	Increases
		Credit	Commission	Indirect Income	P&L Credit
10	Owner withdrew goods for personal use	Debit	Drawings	Proprietor Capital	Liability Decreases
		Credit	Goods	Current Asset	Goods Decreases