"ACCOUNTSBASICSQUESTION:--- I PREPARED ACCOUNTS BASICS WITH LIVE BUSINESS SCENARIO BASED ON BASED ONACCOUNTS BASISC PREPARE JOURNAL ENTRIES IN THE BOOKS OF SUPER CONSULTANCY BUSINESS..JOURNALISE THE FOLLOWING TRANSACTIONS IN THE BOOKS OF SUPER CONSULANCY BUSINESS..? 1.Peter Started Super Consultancy business Started with Cash--- 4,00,000 $? 2.Super consultancy business purchased SAP erp Software worth –25,000$? 3.Super consultancy business open hdfc bank for business operations purpose – 20,50,000$? 4.Super consultancy business issue a cheque for security deposit ..rent for the shoppurpose..25000$? 5.Super consultancy Business purchased fixed Assets Through Cheque (hdfc bank) – worth—87000$1.Cell Phone : 12,000 $ 2 Furniture and Fittings20,000 $ 3.Air Conditioner –30000$ 4.Electrical Fittings :--25000$? 6.Super Consultancy paid Security Deposit Through Cash –25000$? 7.Super consutancy business purchase stationary from whie house on credit basisworth - 15000 $Note:-.Many companies purchases stationary items on credit basis Coming on 7 th businessscenario superconsultancy purchase stationary on credit basis from white house ? 8. SUPER CONSULTANCY BUSINESS STARTS CONSULTANCY SERVICE TOAGREEDTO PROVIDE CONSULTANCY SERVICE WITHTECHZONEAgreed Price –70000 $Advance ---25000$ Here in this scenario super consultancyAdvance taken 25000 $ from TechzoneACCOUNTS BASICS ACCOUNT:-Accounts is a summarised Statement of debit and credit ..There are two parts ofEvery Account..The Left hand side of the part is called Debit side…And the Right hand side and part is known ascredit side…ACCOUNTING DEFINITION:-Accountacy is an Art ofclassifying,Analysing,Recording and summarisingatleast part of the available Financial information for the purpose of passing onthe results of these exercises to the business Managers and to theManagement….TRANSACTION:-EventREAL WORLD BUSINESS SCNERAIO:? We can say general Business scenario now a days Android mobiles arepopular…more features more entertainment…so youngsters interested tovisit Mobile stores…in .Mobile stores salesman are avail …youngstersselectAndroid device Ask it the features of Android mobile devices…salesman to tell Advance features of latest Android device ….Nowgoogle launches latest version operating system software oreo 8.0…sellerto tell main features of Android software …youngsters Attract GoogleAndoid oreo 8.0 features interested to purchase …? In this real world example two parties areinvolved buyer and seller….? Youngster plays a buyer role to purchase android device to give money toseller here purchase Transaction Happens….Cash goes out youngsterhand ...youngster to receive android product ….Through cash…? Mobile Stores salesmanplaysa seller rolesalesman to receive money…cash comes in….salesman hand …product goes out salesman hand.. Short way explanation:Acounts having Golden Principles:1.Real Account :Debit What Comes In CreditWhat Goes OutEx:-Above Real world Business Scenario Example Applied in This RealAccount Principle….youngster end cash goes out Google Android 8.0product received …cash treated in credit…basis.salesman to sell GoogleAndroid 8.0 oreo..product goes out…cash comes in …hear salesman endcash treated in debit basisENTRY:-Recording of a business Transaction in any books of accounting is calledentry..Entry:--Google Android oreo 8.0 Mobile A/C DrTo Cash A/c (being Google Android Oreo 8.0 Mobile Device purchase Through Cash…)2.Nominal Acccount:All exp loses credit all incomes and gainsHere Employess salary Example suitable This Scenario…TCS employeesgot salary fromHDFCbank….Ex:--SALARIES A/C DR TO HDFC BANK(Being Tcs Employees Received Salary Through Cheque) 3. PersonalAccount: Debitthe receiver credit the giverNow a Every Citizen Having Bank Accounts….banking major operationsDeposits,withdrawls,providing loans…Customer To open bank Account tofill Bank Account Form…submit RequiredDocuments...Customer tocomplete KYC(Know your Customer Rules) Start Bank Operations to savemoney withdrawl money, receive loans from bank, Additional benefit bankover draft…customer Account don’t have money bank provide moneytocustomers with interest…That is Bank overdraft….In This principle ofpersonal Account withdrawl is applied…customer need money 500000emergency…withdrawl his savingaccount…Entry :--Drawing A/c DrTo Hdfc BankA/c(Here Hdfc Customer withdrawl money through cheque from Hdfc Bank) "