Question

3. Journalise the following transactions :
(a) *2,000 spent for repairing plant and machinery.
(b) Given loan to Ashok 800.
(c) Bought furniture from Raj & Co. for cash 5,000 and on credit *5,000.
(d) Paid rent 3,000.
(e) Purchased stationery 50.
(f) Cash drawn from bank and paid salary to employees 4,000.​

Answer 1

Explanation:

according to debit and credit formula:

personal account: debit: the receiver

credit:the giver

nominal account: debit: what comes in

credit: what goes out

real account : debit: expenses and losses

credit: profit and gain