Question

Analyse the following transactions, state the nature of accounts and state which account

will be debited and which account will be credited (6)

1. Anil started business with cash Rs.50,000

2. Deposited cash into bank Rs.10,000 for opening an account

3. Withdrew cash for personal use Rs.1,000

4. Received a cheque from debtor Shyam Rs.5,000

5. Paid to a creditor Mahesh by cheque Rs.10,000

6. Paid salary to staff Rs.20,000​

Answer 1

Explanation:

1) cash 50,000

to capital

2) bank 10,000

to cash

3) drawing 1000

to cash

4) cheque in hand 5000

to shyam

5) mahesh 10000

to bank

6) salary 20000

to cash

hope it helped you

Answer 2

Answer:

)

1. Anil started business with cash Rs.50,000

2. Deposited cash into bank Rs.10,000 for opening an account

3. Withdrew cash for personal use Rs.1,000