Double-entry account

2008-09-14 10:11 pm

Au purchased a motor costing $10000 for his business with his own money.

Part of the debt of$300 from N.T. Bank was settled by Au himself on benhalf of the firm.

Although part of the bank loan was settled , for purchase of the car was financed by another loan $1000from N.T. Bank.

Au borrowed $300 cash from Lee for his own use , which was settled through the firm's bank account.

以上每句分別同咩accounts 有關?

回答 (1)

Train

2008-09-15 9:48 am

✔ 最佳答案

Au purchased a motor costing $10000 for his business with his own money.
Dr Fixed Assets - motor car 10,000
Cr Current Account due to Au 10,000

Part of the debt of$300 from N.T. Bank was settled by Au himself on benhalf of the firm.
Dr Loan due to N.T. bank 300
Cr Current Account due to Au 300

Although part of the bank loan was settled , for purchase of the car was financed by another loan $1000from N.T. Bank.
Dr Current Account due to Au 1,000
Cr Loan due to N.T. Bank 1,000
(As Au purchased the car with his money, I assume the firm borrows the money from bank and repay Au.)

Au borrowed $300 cash from Lee for his own use , which was settled through the firm's bank account.
Dr Current Account due to Au 300
Cr Bank 300

👍 0 👎 0