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Module 1 Assignment Problem Statement

The document consists of three assignments related to accounting. Assignment 1 requires classification of various items as Assets, Liabilities, Revenues, Expenses, or Equity. Assignment 2 involves analyzing the impact of specific transactions on accounts, while Assignment 3 requires recording transactions in a journal format.

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jsn.11june
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22 views3 pages

Module 1 Assignment Problem Statement

The document consists of three assignments related to accounting. Assignment 1 requires classification of various items as Assets, Liabilities, Revenues, Expenses, or Equity. Assignment 2 involves analyzing the impact of specific transactions on accounts, while Assignment 3 requires recording transactions in a journal format.

Uploaded by

jsn.11june
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 1

Classify following as Assets, Liabilities, Revenues, Expenses or Equity.

1. Building
2. Salary
3. Rent
4. Loan
5. Prepaid rent
6. Outstanding water bill
7. Capital
8. Furniture
9. Electrical fittings
10. Bank account
11. Debtors
12. Creditors
13. Investments
14. Advertisement
15. Repairs
16. Sales
17. Purchase
Assignment 2

Show the impact of the following transactions on the accounts involved in the transaction. For

example,

Transaction: Sales made to Ravi We

will mention the following details:

Transaction Accounts involved Nature of account Increase or Decrease Debit or Credit

Sales made to Ravi Ravi’s A/C Asset (Debtors) Increase Debit

Sales A/C Revenue Increase Credit

1. Cash sales
2. Rent paid
3. Purchase of land
4. Payment received from customer
5. Credit sales
6. Buying inventory (goods)
7. Taxes paid
8. Paying off an old loan
9. Payment of wages to workers
10. Additional money invested by owner into the business
Assignment 3

Record following transactions in the journal.

1. Radhika started business with Rs. 30,00,000 being deposited in the bank account on 1/4/2020.
2. She purchased machinery costing 5,00,000 from Mukesh by paying cheque on 2/4/2020.
3. She withdrew Rs. 70,000 from the bank for office expenses on 4/4/2020.
4. She paid rent of the shop Rs. 30,000 in cash on 5/4/2020.
5. She purchased raw materials from Rachna Stores for Rs. 12,000 on 5/4/2020.
6. Paid Rs. 10,000 to Rachna Stores on 10/4/2020.

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