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3. Mr. Akbar provides you with the following information-(all the transactions are separate and independent of each other) Started business with cash Rs 150000
3. Mr. Akbar provides you with the following information-(all the transactions are separate and independent of each other) Started business with cash Rs 150000 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 a. Identify the accounts being affected in the monetary transaction and Identify the type of accounts identified-real, personal or nominal (5 Marks) b. 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 justify the answer) (5 Marks)
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ANSWER a Accounts affected and their types Cash Real Account This account represents the physical cash available with the business It is a real accoun...Get Instant Access to Expert-Tailored Solutions
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