3. Mr. Akbar provides you with the following information-(all the transactions areseparate and independent of each other)• Started business with cash Rs150000• Purchased goods for cash Rs 25000• Sold goods to C on credit Rs 20000• Paid salary for cash Rs15000• Deposited cash into the bank account Rs100000a. Identify the accounts being affected in the monetary transaction and Identify the type ofaccounts identified - real, personal or nominalb. Discuss the rule of passing the journal entry applicable here and pass the journal entry(Golden rule or transaction analysis, any of these rule/s can be taken as a base to justifythe answer)

Name: 3. Mr. Akbar provides you with the following information-(all the tra
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Description: 3. Mr. Akbar provides you with the following information-(all the transactions areseparate and independent of each other)• Started business with cash Rs150000• Purchased goods for cash Rs 25000• Sold goods to C on credit Rs 20000• Paid salary for ca

Financial transactions are initially recorded in the form of journal entry.

Business

Accounting

separate and independent of each other) • Started business with cash Rs150000 • Purchased goods for cash Rs 25000 • Sold goods to C on credit Rs 20000 • Paid salary for cash Rs15000 • Deposited cash into the bank account Rs100000

separate and independent of each other) • Started business with cash Rs150000 • Purchased goods for cash Rs 25000 • Sold goods to C on credit Rs 20000 • Paid salary for cash Rs15000 • Deposited cash into the bank account Rs100000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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double entry for source document
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