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Conversion from single entry to double entry(03)
- 10. Debit and Credit Rule Account name Debit (Dr) Credit (Cr) Assets Liabilities Equity Revenue Expenses
- 38. 1000,000 12,000 Bank account 60,000 10,000 15,000 15,000 15,000 12,000 15,000 15,000 15,000 13,500 15,000 15,000 50,000 72,500 674,000 Cash account 8000 5000 2000 10,000 15,000 5000 12,000 1500 3000 8000 16,500 60,000 1000 2000 5000 15000 3000
- 39. Revenue 10,00,000 10,00,000 Account receivable 12,000 12,000 Travelling expense 2000 1000 1000 1000 5,000 Account payable 105,000 150,000 132,500 50,000 72,500
- 40. Purchases 105,000 105,000 Printing expense 2000 5000 3000 10,000 Travelling advance 5000 10,000 4,000 Ceiling fan 8000 8000 5000 3000 2000 1000
- 41. To Verma 8000 8000 Telephone expense 15,000 15,000 Medical advance 10,000 10,000 Medical expense 5000 5000
- 42. Salary payable 1500 1500 Salary expense 15000 15000 15000 15000 15000 15000 15000 15000 120,000 Misc. expense 12000 12000
- 43. Trial Balance Particulars Dr Cr Bank account 674,000 Cash account 16500 Revenue (Aid) 10,00,000 Account receivable 0 Account payable 132,500 Travelling expense 5000 Travelling advance 4000 Printing expense 10,000 Purchases 105,000 Ceiling fan 8000 Computer 150,000
- 44. Trial Balance Particulars Dr Cr Medical expense 0 Medical advance 5000 Loan to Verma 8000 Salary payable 0 Misc. expenses 12,000 Salary expense 120,000 Telephone expense 15000 Total 1132,500 1132,500
- 45. Income Statement Accounts Dr Cr Revenue 10,00,000 Expenses : Travelling expense 5000 Printing expense 10,000 Telephone expense 15,000 Misc. expense 12,000 Salary expense 120,000 Total 167,000 167,000
- 47. Balance Sheet Particulars Dr Cr ASSETS : Cash account 16,500 Bank account 674,000 Travelling advance 4000 Purchases 105,000 Ceiling fan 8000 Computer 150,000 Advance to Verma 8000 LIABILITIES : Account payable 132,500 Net income 833000 Total 965500 965500
