MGT101 – Financial Accounting GDB Solution 2020

Table of Contents

MGT101 – Financial Accounting GDB Solution 2020

TransactionsParticular accountNatureDebit or CreditApplied Rule of Debit and credit
Investment of cash for Rs. 30,000 is made in business by the owner.Capital a/cCreditIncrease in equity
Bought land of Rs. 300,000 on credit basis.Land a/cDebitIncrease Asset
Paid salaries of Rs, 25,000 by cheque.Salaries a/cDebitIncrease Expenses
Goods returned to suppliers for Rs. 10,000.Purchases return a/cCreditDecrease Expenses
Sold goods of Rs. 40,000 to XYZ brothers on cash basisSales a/cCreditIncrease Income

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