Analyze the following transactions and fill the boxes given below in front of each transaction with appropriate answers.
An example is also given in Sr. No. 1 for reference and guidance.
Sr. No
Transactions
Account to be Debited
Account to be Credited
Increase or decrease (affect on accounts due to transactions)
1
Mr. A invested in business Rs.50,000
Cash
Mr. A’s Capital
Increase in asset
Increase in Owner’s Equity
2
Purchased furniture for cash Rs.15,000 for office use
?
?
?
3
Paid salaries of Rs.4,000 to office staff
?
?
?
4
Received commission on sale of goods worth Rs.1,000
?
?
?
5
Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.
?
?
?
An example is also given in Sr. No. 1 for reference and guidance.
Sr. No
Transactions
Account to be Debited
Account to be Credited
Increase or decrease (affect on accounts due to transactions)
1
Mr. A invested in business Rs.50,000
Cash
Mr. A’s Capital
Increase in asset
Increase in Owner’s Equity
2
Purchased furniture for cash Rs.15,000 for office use
?
?
?
3
Paid salaries of Rs.4,000 to office staff
?
?
?
4
Received commission on sale of goods worth Rs.1,000
?
?
?
5
Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.
?
?
?
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