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MBA Semester 1 Assignments answers for MB0041 - Q1. Analyze the following transaction under traditional approach

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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21.1.2011 Goods withdrawn for personal use Rs. 5,000 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 3
1.1.2011 Interest allowed by bank Rs. 8,000



Answer:

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
g.
Loan a/c
Cash a/c
Personal
Real
Lender is the receiver
Cash is going out
Debit
Credit
h.
Bank a/c
Bank interest a/c
Personal
Nominal
Bank is the receiver
Bank interest is an income
Debit
Credit
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Comments

  1. Emily1 July 2017 at 00:11

    With the help of reputable loan brokers in the UK you will be able to get unsecured loans for bad credit. Such bad credit instalment loans are usually available at a higher rate of interest, but if you apply for the loan through a loan broker then it is possible to get these loans at a reasonable rate of interest and no upfront fees.

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