Application of Rules of Debit and Credit - 35 Cases for Journal Entries

(Some simple transactions).

No.TransactionDebit A/cCredit A/c
1.Started business with cash.Cash A/cCapital A/c
2.Started business with cash, bank balance.Cash A/c,

Bank A/c

Capital A/c
3.Borrowed loan from State Bank of India.Bank A/cSBI’s loan A/c
4.Borrowed loan from a friend.Bank A/cFriend’s loan A/c
5.Purchased machinery for cash.Machinery A/cCash A/c
6.Purchased machinery for cash, payment made by cheque.Machinery A/cBank A/c
7.Purchased furniture, payment made by accepting a bill of   exchangeFurniture A/cBills Payable A/c
8.Purchased goods, 50% payment made by cheque.Purchases A/cBank A/c,

Creditors A/c

9.Goods purchased on credit, now returned.Creditors A/cPurchases Return A/c
10.Sold goods for cash.Cash A/cSales A/c
11.Sold goods on credit.Debtors A/cSales A/c
12.Sold goods, 50% payment received in cash.Cash A/c,

Debtors A/c

Sales A/c
13.Payment of an installment of State bank of India’s loan.SBI’s loan A/cBank A/c
14.Bills Receivable received from a debtor.Bills Receivable A/cDebtors A/c
15.Deposited into Canara bank.Canara Bank A/cCash A/c
16.Withdrew from bank for office use.Cash A/cBank A/c
17.Withdrew from bank for domestic use.Drawings A/cBank A/c
18.Payment of wages, rent by cheque.Wages A/c,

Rent A/c

Bank A/c
19.Returned to friend, loan borrowed from him, by cheque.Friend’s loan A/cBank A/c
20.Bad Debts.Bad Debts A/cDebtors A/c
21.Cash received from Mahesh for commission.Cash A/cCommission A/c
22.Received rent.Cash A/cCommission A/c
23.Goods returned by our customers.Sales Return A/cDebtors A/c
24.Collection of cash from debtors after discount.Cash A/c,

Discount Allowed A/c

Debtors A/c
25.Payment to creditors after discount.Creditors A/cCash A/c,

Discount received A/c

26.Depreciation on asset.Depreciation A/cAsset A/c
27.Appreciation to asset.Asset A/cAppreciation A/c
28.Interest on Loan.Interest on Loan A/cLoan A/c
29.Interest on bank deposit.Bank A/cInterest A/c
30.Outstanding expenses.Expenses A/cOutstanding expenses A/c
31.Expenses paid in advance (when these are paid).Prepaid expenses A/cCash A/c
32.Accrued Income.Accrued Income A/cIncome A/c
33.Income received in advance. (when it is received).Cash A/cIncome received in advance A/c
34.Withdrew goods for personal use.Drawings A/cPurchases A/c
35.Goods given as charity.Charity A/cPurchases A/c

 

Application of Rules of Debit and Credit - 35 Cases

Rules of Dr./Cr.

 

 

Journal