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 I need this answer urgent​

Answer 1

Explanation:

please mark as brain list

Answer 2

Answer:

Analysis of transactions by applying rules of Debit and Credit

1. Rajesh Commenced business with Cash * 80,000

Two aspects:

• Real account and Personal account

Two accounts involved in the transaction:

• Cash Account and Capital Account

2. Paid Telephone bill (Office) * 5,000

Two aspects:

• Nominal account and Real account

Two accounts involved in transaction:

• Telephone bill account and cash account

3. Goods purchased for cash 8,000

Two aspects:

• Real account and real account

Two accounts involved in transaction:

• Purchase account and Cash account

4. Sold goods to Manoj worth 6,000

Two aspects:

• Personal account and Real account

Two accounts involved in transaction:

• Manoj account and sales account

5. Purchased Machinery from Suresh on credit 15,000

Two aspects:

• Real account and Personal account

Two accounts involved in transaction:

• Purchase account and Suresh account

6. Received Rent 2,500

Two aspects:

• Real account and nominal account

Two accounts involved in transaction:

• Cash account and rent account

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