Question

Activity: 03 : Fill the following table.
Analysis of transaction by applying rules of Debit and Credit
(Modern Approach)
Accounts Catego- Rules
Account
Aspects/ Involved
ries Applied to be Deb-
Account
to be
Credited
Transaction
Two
ited
Sr.
No.
Effects
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




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Answer 1

Answer:

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach.

The Basic Accounting Equation is: Assets = Liabilities + Capital (Owner’s Equity)

Furthermore, it can be expanded as Assets = Liabilities + Capital + Revenues – Expenses

Also, Profit = Revenues – Expenses

Explanation:

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Answer 2

paid telephone bill office 5000