Accounting Entries Example

Accounting is a systematic recording day to day business transaction is called as accounting.

Accounting is the process of identifying, recording, classifying and reporting information on financial transactions in a systematic manner for the purpose of providing financial information for decision making.

Types of Accounts

There are basically three types of Accounts maintained for transactions
1. Personal Account
2. Real Account
3. Nominal Account

Personal Account: Any individual person or any firms or any company or a bank is considered in a Personal account.

For example:-

Rajesh Singh
Munna Enterprise
Wipro Pvt Ltd
PNB Bank
Capital etc.

Real Account: Account of any physical things. The cash account or goods account are examples of Real account.

For example:-
Computer etc.

Nominal Account: Account of any invisible things that means that things are in terms of cash are examples of Nominal account.

For example:-
Freight etc.

Rules of Accounting

Journal Entries In Tally Prime 

1. Mr. Sachin started Business with Cash of Rs. 1,00,000.

2. Mr. Sachin opened a new Bank Account in HDFC Bank & Deposited Rs. 50,000.

3. Mr. Sachin Purchased Computer of Rs. 20,000 by Cash.

4. Purchased Goods of Rs. 15000 by Cash.

5. Sold goods of Rs. 10,000 on Cash.

6. Sold goods of Rs. 6000 on Cash.

7. Mr. Sachin purchase Furniture of Rs. 10,000 by cheque.

8. Purchase goods of Rs. 12000 from Krishna on Credit.

9. Sold goods to Sanjay of Rs. 15,000 On Credit.

10. Paid Petrol Expenses of Rs. 500 by Cash.

11. Paid Telephone Expenses of Rs. 1200 by Cash.

Assignment No 01 

12. Received Cash from Sanjay of Rs. 10000.
13. Withdraw Cash from HDFC Bank of Rs. 15000.
14. Paid Rent Expenses of Rs. 3000 by Cash.
15. Purchase goods of Rs. 10,000 by Cash. Sold goods of Rs.15000 on Cash.
16. Paid Cash to Krishna of Rs. 7000.
17. Received Commission of Rs. 5000 by Cash.
18. Paid petrol Expenses of Rs. 300 by Cash.
19. Loan taken(Receipt) from Bhushan of Rs. 20,000 in cash.
20. Sold goods to Jayesh Agencies of Rs. 17000 on credit.
21. Received cheque from Sanjay of Rs. 2000.
22. Deposited Cash in HDFC Bank of Rs. 10,000.
23. Paid Office Expenses of Rs. 500 by Cash.
24. Paid Electricity Expenses by cheque of Rs. 1000.
25. Cheque of Rs. 1500 transfered from HDFC Bank to ICICI Bank .
26. Purchased AC from Mahavir Enterprises of Rs. 10,000 on Credit . 28I Purchased goods of Rs. 3000 by Cash.
27. Received Cash From Jayesh Agencies of Rs. 1500 .
28. Paid Octroi Expenses of Rs. 400 Cash.

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