Analyze any 3 transactions, list the accounts affected in each, apply the rule and decide on the account to be debited and credited
Answers
Analysis of transaction
Explanation:
Example 1:
Sheela started business with Rs.50000
The accounts affected are Cash and Capital account.
Cash a/c is debited and Capital a/c is to be credited.
Cash a/c Dr 50000
To capital a/c 50000
Example 2:
Received cash from Bala Rs.20000
The accounts affected are Cash and Bala account.
Cash a/c is to be debited and Bala account is to be credited.
Cash a/c Dr 20000
To bala a/c 20000
Example 3:
Paid cash to Palani Rs.30000
The accounts affected are Palani a/c and Cash a/c
Palani a/c is to be debited and Cash a/c is to be credited.
Palani a/c Dr. 30000
To cash a/c 30000
To know more:
Describe how debits and credits are used to analyse transactions
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