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Solution:- Solution:- S.N Account Nature Decrease 1 Cash Asset Credit 2 Bank Overdraft Liability Debit 3 Rent Paid Expenses Credit 4 Outstanding Rent Liability Debit 5 Prepaid Insurance Asset Credit 6 Manoj, Proprietor of the Business Capital Debit

Solution:- S.N Account Nature Increase 1 Furniture Asset Debit 2 Rent Paid Expenses Debit 3 Commission Received Income Credit 4 Salary Paid Expenses Debit 5 Proprietor’s Account Capital Credit 6 Debtor Assets Debit 7 Creditors Liability Credit

Solution:- (I) Purchase of an asset on credit:- It will increase asset and also increase the creditors (liability) of asset. (ii) Payment of a liability:- It will decrease cash (asset) and decrease the liability. (iii) Capital introduced by proprietor:- It…

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