Account
to be
Credited
Activity: 03 : Fill the following table,
Analysis of transaction by applying rules of Debit and Credit
(Modern Approach)
Sr. Transaction
Two Accounts Catego Rules Account
No.
Aspects/ Involved ries
Applied to be Deb-
Effects
ited
1. Rajesh Commenced
business with Cash
80,000
2. Paid Telephone bill
(Office) 5,000
3. Goods purchased for
cash 8,000
4. Sold goods to Manoj
worth 6,000
5. Purchased Machinery
from Suresh on credit
15,000
6. Received Rent
2.500
Answers
Answer:Double Entry Book-keeping System is the most scientificmethod of recording all monetary transactions in the books ofaccounts. This system owes its origin to Italian Merchant “LUCAD. BARGO PACIOLI” on 10th November 1494 and this day iscelebrated as International Accounting Day. This system of Book-keeping is based on the fact that there are two aspects of everybusiness transactions. Every business transaction involves twopersons or accounts or parties where in one is the receiver of thebenefit and the other is the giver of the benefit. If something comesinto the business, something goes out from the business. Recordingof two aspects of monetary transactions in the Books of Accountin terms of Debit (Dr.) and Credit (Cr.) is called as "Double Entry"System of Book-keeping.According to modern approach, every business transaction is concerned with Assets, Liabilities,Capital, Expenses and Income. Whenever there is an increase in assets and expenses it is debited anddecrease in assets and expenses are
Answer:
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