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(solution) Analyze the following transactions according to Traditional


Analyze the following transactions according to Traditional approach and modern approach:

a. Subramanya started his business with cash

b. Borrowed from Mahesh

c. Purchased furniture

d. Purchased furniture from Mohan on credit

e. Purchased goods for cash

f. Purchased goods from Ram on credit

g. Sold goods for cash

h. Sold goods to Shyam on credit

i. Received cash from Shyam

j. Paid cash to Ram

k. Deposited into bank

l. Withdrew cash for personal use

m. Withdrew from bank for office use

n. Withdrew from bank for personal use

o. Received a cheque from a customer, shyam at 5 pm

p. Deposited Shyam?s cheque next day

q. Bank intimated that shyam?s cheque was dishonored

r. Paid Ram by cheque

s. Paid salary

t. Paid rent by cheque

u. Goods withdrawn for personal use

v. Paid an advance to suppliers of goods

w. Received an advance from customers

x. Paid interest on loan

y. Paid installment of loan

z. Interest allowed by bank

 


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Sep 13, 2020

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