Edaccountancy

Financial literacy is a fundamental skill for children and teens, shaping their understanding of money and promoting responsible financial habits. Using interactive worksheets is an effective way to develop these skills quickly. Let's check out some custom-designed worksheets suitable for different age groups:

Purchase Goods for Cash In this transaction goods “comes in” on purchasing of goods and therefore purchase A/c is debited on purchase of goods and cash goes out therefore cash A/c credited the entry is as follows. Date   Particulars   LF   Debit Amount   Credit Amount   xx   Purchase A/c Dr.   To Cash A/c   [Being the goods were acquired, and the payment was made in cash]     Amount     Amount  

01   Started business with cash   1,20,000   03   Cash paid into bank   50,000   05   Purchased goods from Sushmita   20,000   06   Sold goods to Dinker and received a cheque   20,000   10   Paid to Sushmita cash   20,000   14   Cheque received on December 06, 2010, deposited into bank     18   Sold goods to Rani   12,000   20   Cartage paid in cash   500   22   Received cash from Rani   12,000   27   Commission received   5,000   30   Drew cash for personal use   2,000   Solution:   Cash Book   Dr.                   Cr.   Date   Particulars   LF   Cash   Bank   Date   Particulars   LF   Cash   Bank   2016           2016           Dec.01   Capital     1,20,000     Dec. 03   Bank   C   50,000     Dec.03   Cash   C     50,000   Dec. 10   Sushmita     20,000     Dec.06   Dinker     20,000     Dec. 14   Bank   C   20,000     Dec.14   Cash   C     20,000   Dec. 20   Cartage     500     Dec.22   Rani     12,000     Dec. 30   Drawings   C   2,000     Dec.27   Commission     5,000