Total Marks 5
Starting Date Monday, November 23, 2020
Closing Date Friday, November 27, 2020
Status Open
Question Title GDB-01
Question Description

Topic to be tested:

  • Rules of debit and credit

Learning Objectives:

  • To understand the application of rules of debit and credit in accounting

GDB:

 

Transactions

Particular account

Nature

Debit or Credit

Applied Rule of Debit and credit

Investment of cash for Rs. 30,000 is made in business by the owner.

Capital a/c

Credit

Increase in equity

Bought land of Rs. 300,000 on credit basis.

Land a/c

?

?

Paid salaries of Rs, 25,000 by cheque.

Salaries a/c

?

?

Goods returned to suppliers for Rs. 10,000.

Purchases return a/c

?

?

Sold goods of Rs. 40,000 to XYZ brothers on cash basis

Sales a/c

?

?

 

Required:

You are required to mention the nature of given accounts (either debit or credit) and the rules of debit and credit to be applied as per modern classification of accounts, for all accounts mentioned against each transaction. Red highlighted transaction is given as a sample for understanding to attempt the other missing particulars of given transactions.

Note: Partial correct treatment in any case has NO marks so be careful while providing the answers. Moreover, be concise and avoid unnecessary details to attempt the given questions.

 

Views: 2030

Replies to This Discussion

to my knowledge following principles also apply

Dr - Account that is receiving the benefit will be debited.

Cr - Account that is providing the benefit will be credited.

Hope it help.

Bought land of Rs. 300,000 on credit basis. Here land (Asset) a/c is receiving the benefit , so it will be debited and after receiving the benefit it has increased.

Keep doing rest of the problems in the same way.

Best of luck

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MGT101 GDB Solution Fall 2020 || MGT101 GDB

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Thank you SIR TM ......<3

MGT101 GDB No.1 2020

MGT101%20GDB%20No.1%202020.docx

thank you so much ....

MGT101 GDB Solution Nov 2020

mgt101 GDB solution fall 2020

Transactions

Particular account

Nature

Debit or Credit

Applied Rule of Debit and credit

Investment of cash for Rs. 30,000 is made in business by the owner.

Capital a/c

Credit

Increase in equity

Bought land of Rs. 300,000 on credit basis.

Land a/c

Nature of Transaction is Debit

  Increase Of Assests

Paid salaries of Rs, 25,000 by cheque.

Salaries a/c

Nature of Transaction is debit

 Increase Of Expenses

Goods returned to suppliers for Rs. 10,000.

Purchases return a/c

Nature of Transaction is Credit

Decrease In Expenses

Sold goods of Rs. 40,000 to XYZ brothers on cash basis

Sales a/c

Nature of Transaction is Credit

Increase In      Income

MGT101 GDB Solution Fall 2020

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