Analyse the following transactions, state the nature of accounts and state which account will be debited and which account will be credited:
Analyse the following transactions, state the nature of accounts and state which account will be debited and which account will be credited:
| S.N | Particulars | ₹ |
| 1 | Purcahsed furniture for cash from Raj Furniture House | 75,000 |
| 2 | Purchased goods for cash | 55,000 |
| 3 | Sold goods for cash to Pal | 35,000 |
| 4 | Sold goods to Om | 60,000 |
| 5 | Deposited cash in bank for opening an account | 70,000 |
| 6 | Received a cheque from Om | 20,000 |
| 7 | Deposited Om’s cheque the next day | |
| 8 | Borrowed from Sohan | 1,00,000 |
| 9 | Paid interest on loan | 10,000 |
| 10 | Withdrew cash for personal use | 5,000 |
Anurag Pathak Changed status to publish September 18, 2023
Solution:-
| i) | Furniture Cash | Debit Credit | 75,000 75,000 |
| ii) | Purchase Cash | Debit Credit | 55,000 55,000 |
| iii) | Cash Sale | Debit Credit | 35,000 35,000 |
| iv) | Om Sales | Debit Credit | 60,000 60,000 |
| v) | Bank Cash | Debit Credit | 70,000 70,000 |
| vi) | Cheque in Hand Ram | Debit Credit | 20,000 20,000 |
| vii) | Bank Cheque in Hand | Debit Credit | 20,000 20,000 |
| viii) | Cash Sohan | Debit Credit | 1,00,000 1,00,000 |
| ix) | Interest on Loan Bank | Debit Credit | 10,000 10,000 |
| x) | Drawing Cash | Debit Credit | 5,000 5,000 |
Anurag Pathak Changed status to publish September 18, 2023
